Oak Corporation has the following general business credit carryovers: 2016 $7,250 2017 21,750 2018 8,250 2019 25,750 Total carryovers $63,000 The general business credit generated by activities during 2020 equals $50,400 and the total credit allowed during the current year is $87,000 (based on tax liability). a. Enter the amount (if any) of each year's carryover utilized in 2020. Year Amount of Carryover Utilized 2016 $ 2017 $ 2018 $ 2019 $ 2020 $ b. What is the amount of any unused credits carried forward to 2021?
Oak Corporation has the following general business credit carryovers: 2016 $7,250 2017 21,750 2018 8,250 2019 25,750 Total carryovers $63,000 The general business credit generated by activities during 2020 equals $50,400 and the total credit allowed during the current year is $87,000 (based on tax liability). a. Enter the amount (if any) of each year's carryover utilized in 2020. Year Amount of Carryover Utilized 2016 $ 2017 $ 2018 $ 2019 $ 2020 $ b. What is the amount of any unused credits carried forward to 2021?
Chapter13: Tax Credits And Payment Procedures
Section: Chapter Questions
Problem 25P
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Oak Corporation has the following general business credit carryovers:
2016 | $7,250 |
2017 | 21,750 |
2018 | 8,250 |
2019 | 25,750 |
Total carryovers | $63,000 |
The general business credit generated by activities during 2020 equals $50,400 and the total credit allowed during the current year is $87,000 (based on tax liability).
a. Enter the amount (if any) of each year's carryover utilized in 2020.
Year | Amount of Carryover Utilized |
2016 | $ |
2017 | $ |
2018 | $ |
2019 | $ |
2020 | $ |
b. What is the amount of any unused credits carried forward to 2021?
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