Oak Corporation has the following general business credit carryovers: 2016 $20,000 2017 60,000 2018 21,000 2019 64,000 Total carryovers $165,000 The general business credit generated by activities during 2020 equals $132,000 and the total credit allowed during the current year is $240,000 (based on tax liability). а. Enter the amount (if any) of each year's carryover utilized in 2020. Amount of Carryover Year Utilized 2016 2017 2018 2$ 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 $20,000 2017 60,000 2018 21,000 2019 64,000 Total carryovers $165,000 The general business credit generated by activities during 2020 equals $132,000 and the total credit allowed during the current year is $240,000 (based on tax liability). а. Enter the amount (if any) of each year's carryover utilized in 2020. Amount of Carryover Year Utilized 2016 2017 2018 2$ 2019 $ 2020 b. What is the amount of any unused credits carried forward to 2021? $

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter13: Tax Credits And Payment Procedures

Section: Chapter Questions

Problem 25P: LO.2 Oak Corporation has the following general business credit carryovers. If the general business...

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