Problem 13-25 (Algorithmic) (LO. 2) Oak Corporation has the following general business credit carryovers: 2015 $11,750...
Problem 13-25 (Algorithmic) (LO. 2)
Oak Corporation has the following general business credit carryovers:
|
The general business credit generated by activities during 2019 equals $79,200 and the total credit allowed during the current year is $141,000 (based on tax liability).
a. Enter the amount (if any) of each year's carryover utilized in 2019.
|
b. What is the amount of any unused credits
carried forward to 2020?
Homework Answers
a) Following are the amounts of each years carryover utilized in 2019
| Year |
Amount of carryover utilized |
| 2015 | $11750 |
| 2016 | $35250 |
| 2017 | $12750 |
| 2018 | $39250 |
Total amount of carryover utilized in 2019 is $99000 against the $14100 credit allowed during 2019.
Then remaining credit allowed = $141000 - $99000 = $42000. This remaining credit should be used for the general business credit of 2019 i.e., $79200.
| General business credit of 2019 | $79200 |
| (-) Remaining credit after utilized for carryovers | ($42000) |
| 2019 unused business credit | $37200 |
b) Amount of unused credit carried forward to 2020.
The unused credit of $37200 of 2019 is carried forward to 2020.
_____×_____
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