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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 Oaks general business credit
Oak Corporation holds the following general business credit carryovers:
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The Oaks 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.
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b. What is the amount of any unused credits carried forward to 2021?
8.7.1
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