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? $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Problem 13-25 (Algorithmic) (LO. 2)
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
2019
2020
b. What is the amount of any unused credits carried forward to 2021?
$
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