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Oak Corporation has the following general business credit carryovers: 2016 6500 2017 19500 2018 7500 2019 23500 Total Carryovers 57000 The general business credit generated
Oak Corporation has the following general business credit carryovers:
2016 | 6500 |
2017 | 19500 |
2018 | 7500 |
2019 | 23500 |
Total Carryovers | 57000 |
The general business credit generated by activities during 2020 equals $45,600 and the total credit allowed during the current year is $78,000 (based on tax liability).
a. Enter the amount (if any) of each year's carryover utilized in 2020.
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b. What is the amount of any unused credits carried forward to 2021?
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