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?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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