Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. oak corporation has the following general business

Oak Corporation has the following general business credit carryovers: 2019 $8,750 202026,250...

60.1K

Verified Solution

Question

Accounting

Oak Corporation has the following general business credit carryovers:
2019 $8,750
202026,250
20219,750
202230,250
Total carryovers $75,000
The general business credit generated by activities during 2023 equals $60,000 and the total credit allowed during the current year is $105,000(based on tax liability).
a. Enter the amount (if any) of each year's carryover utilized in 2023.
Year Amount of
Carryover
Utilized
2019 $fill in the blank 1
2020 $fill in the blank 2
2021 $fill in the blank 3
2022 $fill in the blank 4
2023 $fill in the blank 5
b. What is the amount of any unused credits carried forward to 2024?
$fill in the blank 6
.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Psychology
1.2K views

Que. One of the most recognized aspects of the Shakers is all the rules they seemed...

Advance Math
1.2K views

Let X be a set with infinite cardinality. Define Tx = {U ? X : U...

General Management
1.2K views

Have you had any experience with a brand that has done a great job with delivering...

Geometry
1.2K views

quadratic functions are given below Find an equation for each Note The graphs below are...

Calculus
1.2K views

Evaluate if possible the sine cosine and tangent of the real number t If not...

Algebra
1.2K views

12 8 O 4 12 8 0 4 8 Pattern 4 C 8 12 What...

Algebra
1.2K views

5 Inverse Functions If two functions f x and g x are inverses then what...

Accounting
1.2K views

A company begins the quarter with $50 in supplies. They purchase an additional $100 of...

Accounting
1.2K views

Fredo, Inc., purchased 10% of Sonny Enterprises for $1,000,000 on January 1, 2018. Sonny recognized...

Finance
1.2K views

Create an IE Matrix for this video game software company and determine which type of...

Finance
1.2K views

Question 3 Current Liabilities Accounts Payable-Trade 385,458 228,585 18,254 Question 3: You are given the...

Finance
1.2K views

Castle View Games would like to invest in a division to develop software for video...