Oak Corporation has the following general business credit carryovers:
2020
$17,750
2021
53,250
2022
18,750
2023
57,250
Total carryovers
$147,000
The general business credit generated by activities during 2024 equals $117,600 and the total credit allowed during the current year is $213,000 (based on tax liability).
a. Enter the amount (if any) of each year's carryover utilized in 2024.
Amount of
Year
Carryover
Utilized
2020
$
66,000 X
2021
$
66,000 X
2022
$
66,000 X
2023
$
66,000 X