Corley has the following general business credit carryovers: 2017: $12,000 2018: $9,000 2019: $14,000 In 2020, his total general business credit is $55,000 and the total credit allowed in 2020 (based on tax liability) is $70,000. What is the amount of the general business credit carryover (by year) to 2021?

Corley has the following general business credit carryovers: 2017: $12,000 2018: $9,000 2019: $14,000 In 2020, his total general business credit is $55,000 and the total credit allowed in 2020 (based on tax liability) is $70,000. What is the amount of the general business credit carryover (by year) to 2021?

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter13: Tax Credits And Payment Procedures

Section: Chapter Questions

Problem 25P

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