Question
Oak Corporation has the following general business credit carryovers. If the general business credit generated by activities during 2020 equals $36,000 and the total credit
Oak Corporation has the following general business credit carryovers.
If the general business credit generated by activities during 2020 equals $36,000 and the total credit allowed during the current year is $60,000 (based on tax liability), what amounts of the current general business credit and carryovers are utilized against the 2020 income tax liability? What is the amount of unused credit carried forward to 2021?
25. LO.2 Oak Corporation has the following general business credit carryovers. 2016 2017 2018 2019 Total carryovers $ 5,000 15,000 6,000 19,000 $45,000 If the general business credit generated by activities during 2020 equals $36,000 and the total credit allowed during the current year is $60,000 (based on tax liability), what amounts of the current general business credit and carryovers are utilized against the 2020 income tax liability? What is the amount of unused credit carried forward to 2021Step by Step Solution
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Management Accounting And Control Systems An Organizational And Sociological Approach
Authors: Norman B. Macintosh, Paolo Quattrone
2nd Edition
0470714476, 978-0470714478
