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Problem 13-25 (Algorithmic) (LO. 2) Oak Corporation has the following general business credit carryovers: 2015 $11,750 2016 35,250 2017 12,750 2018 39,250 Total carryovers $99,000 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. Year Amount of Carryover Utilized 2015 $ 2016 $ 2017 $ 2018 $ 2019 $ b. What is the amount of any unused credits carried forward to 2020?

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TomShelby

Answer:

2020 carried forward 37,200

All the previous year carryover were used.

Explanation:

We have 141,000 credit allowed

We use the 99,000 from previous period

Leaving us with: 42,000 of tax credit for this year

Now, as the company generated tax credit for 79,200 during the year

79,200 - 42,000 = 37,200 carried forward to 2020 as are considered unused during 2019

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