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Problem 13-27 (Algorithmic) (LO. 2) Oak Corporation has the following general business credit carryovers: 2017 2018 2019 2020 Total carryovers $15,500 46,500 16,500 50,500
Problem 13-27 (Algorithmic) (LO. 2) Oak Corporation has the following general business credit carryovers: 2017 2018 2019 2020 Total carryovers $15,500 46,500 16,500 50,500 $129,000 The general business credit generated by activities during 2021 equals $103,200 and the total credit allowed during the current year is $186,000 (based on tax liability). a. Enter the amount (if any) of each year's carryover utilized in 2021. Amount of Carryover Year Utilized 2017 15,500 2018 46,500 2019 16,500 2020 50,500 2021 57,000 b. What is the amount of any unused credits carried forward to 2022? $ 46,200
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