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Problem 12-21 (Algorithmic) (LO. 2) Oak Corporation holds the following general business credit carryovers: 2016 $10,250 2017 30,750 2018 11,250 2019 34,750 Total carryovers $87,000
Problem 12-21 (Algorithmic) (LO. 2) Oak Corporation holds the following general business credit carryovers: 2016 $10,250 2017 30,750 2018 11,250 2019 34,750 Total carryovers $87,000 The Oak's general business credit generated by 2020 activities equals $69,600 and the total credit allowed during the current year is $123,000 (based on tax liability). a. Enter the amount (if any) of each year's carryover utilized in 2020. Amount of Year Carryover Utilized 2016 2017 $ 2018 $ 2019 $ 2020 $ b. What is the amount of any unused credits carried forward to 2021
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