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Problem 12-21 (Algorithmic) (LO. 2) Oak Corporation holds the following general business credit carryovers: 2017 2018 2019 2020 Total carryovers $13,250 39,750 14,250 43,750
Problem 12-21 (Algorithmic) (LO. 2) Oak Corporation holds the following general business credit carryovers: 2017 2018 2019 2020 Total carryovers $13,250 39,750 14,250 43,750 $111,000 If Oak's general business credit generated by 2021 activities equals $88,800 and the total credit allowed during the current year is $159,000 (based on tax liability). a. Enter the amount (if any) of each year's carryover utilized in 2021. Amount of Carryover Year 2017 2018 2019 Utilized 2020 2021 b. What is the amount of any unused credits carried forward to 2022?
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