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?

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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Rhodes Corporations financial statements are shown after part f. Suppose the federal-plus-state tax corporate tax is 25%. Answer the following questions. a. What is the net operating profit after taxes (NOPAT) for 2020? b. What are the amounts of net operating working capital for both years? c. What are the amounts of total net operating capital for both years? d. What is the free cash flow for 2020? e. What is the ROIC for 2020? f. How much of the FCF did Rhodes use for each of the following purposes: after-tax interest, net debt repayments, dividends, net stock repurchases, and net purchases of short-term investments? (Hint: Remember that a net use can be negative.) Rhodes Corporation: Income Statements for Year Ending December 31 (Millions of Dollars) Rhodes Corporation: Balance Sheets as of December 31 (Millions of Dollars)
Oak Corporation has the following general business credit carryovers: 2016 $7,250 2017 21,750 2018 8,250 2019 25,750 Total carryovers $63,000 The general business credit generated by activities during 2020 equals $50,400 and the total credit allowed during the current year is $87,000 (based on tax liability). a. Enter the amount (if any) of each year's carryover utilized in 2020. Year Amount ofCarryoverUtilized 2016 $ 2017 $ 2018 $ 2019 $ 2020 $ b. What is the amount of any unused credits carried forward to 2021?
Oak Corporation holds the following general business credit carryovers: 2016 $5,000 2017 15,000 2018 6,000 2019 19,000 Total carryovers $45,000 The Oak's general business credit generated by 2020 activities equals $36,000 and the total credit allowed during the current year is $60,000 (based on tax liability). a. 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? %24
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Tax Drill - General Business Credit Carryovers 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? If amount is zero, enter "0". 2017 carryover to 2021: $ 2018 carryover to 2021: $ 6,000 x 2019 carryover to 2021: $ 14,000 x 2020 carryover to 2021: $ Feedback Check My Work The general business credit is composed of a number of other credits, each of which is computed separately under its own set of rules.
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