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Problem 12-21 (LO. 2) 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
Problem 12-21 (LO. 2) 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 Oak's 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. Amount of Carryover Utilized Year 2016 2017 2018 MORE 2019 2020 2017 15,000 2018 6,000 2019 19,000 Total carryovers $45,000 The Oak's 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. 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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