Question

Corley has the following general business credit carryovers: 2015: $12,000 2016:   $9,000 2017: $14,000 In 2018,...

Corley has the following general business credit carryovers:
2015: $12,000
2016:   $9,000
2017: $14,000

In 2018, his total general business credit is $55,000 and the total credit allowed in 2018 (based on tax liability) is $70,000.

What is the amount of the general business credit carryover (by year) to 2019?

If amount is zero, enter "0".

2015 carryover to 2019: $
2016 carryover to 2019: $
2017 carryover to 2019: $ 0
2018 carryover to 2019: $

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Homework Answers

Answer #1
2018 general business credit $55,000
Total credit allowed (based on tax liability) $70,000
Less: Utilization of carryovers on FIFO basis
2015 $12,000
2016 $9,000
2017 $14,000
Remaining credit allowed $35,000
Applied against
2018 general business credit -$35,000
2018 unused amount carried forward to 2019 $20,000
2015 carryover to 2019: $0
2016 carryover to 2019: $0
2017 carryover to 2019: $0
2018 carryover to 2019: $20,000
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