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Oak Corporation has the following general business credit carryovers: 2018 2019 2020 2021 Total carryovers The general business credit generated by activities during 2022 equals $98,400 and the total credit allowed during the current year is $177,000 (based on tax liability). a. Enter the amount (if any) of each year's carryover utilized in 2022. Year 2018 2019 2020 2021 2022 $ $14,750 44,250 15,750 48,250 $123,000 $ Amount of Carryover Utilized 14,750 44,250 15,750 48,250 b. What is the amount of any unused credits carried forward to 2023?

Oak Corporation has the following general business credit carryovers: 2018 2019 2020 2021 Total carryovers The general business credit generated by activities during 2022 equals $98,400 and the total credit allowed during the current year is $177,000 (based on tax liability). a. Enter the amount (if any) of each year's carryover utilized in 2022. Year 2018 2019 2020 2021 2022 $ $14,750 44,250 15,750 48,250 $123,000 $ Amount of Carryover Utilized 14,750 44,250 15,750 48,250 b. What is the amount of any unused credits carried forward to 2023?

FINANCIAL ACCOUNTING
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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Oak Corporation has the following general business credit carryovers: 2018 2019 2020 2021 Total carryovers The general business credit generated by activities during 2022 equals $98,400 and the total credit allowed during the current year is $177,000 (based on tax liability). a. Enter the amount (if any) of each year's carryover utilized in 2022. Year 2018 2019 2020 2021 2022 $ $14,750 44,250 15,750 48,250 $123,000 $ Amount of Carryover Utilized 14,750 44,250 15,750 48,250 b. What is the amount of any unused credits carried forward to 2023?
Transcribed Image Text:Oak Corporation has the following general business credit carryovers: 2018 2019 2020 2021 Total carryovers The general business credit generated by activities during 2022 equals $98,400 and the total credit allowed during the current year is $177,000 (based on tax liability). a. Enter the amount (if any) of each year's carryover utilized in 2022. Year 2018 2019 2020 2021 2022 $ $14,750 44,250 15,750 48,250 $123,000 $ Amount of Carryover Utilized 14,750 44,250 15,750 48,250 b. What is the amount of any unused credits carried forward to 2023?
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