Individual Income Taxes
43rd Edition
ISBN: 9780357109731
Author: Hoffman
Publisher: CENGAGE LEARNING - CONSIGNMENT
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Chapter 13, Problem 25P
LO.2 Oak Corporation has the following general business credit carryovers.
If the general business credit generated by activities during 2019 equals $36,000 and the total credit allowed during the current year is $60,000 (based on tax liability), what amounts of the current general business credit and carryovers are utilized against the 2019 income tax liability? What is the amount of unused credit carried forward to 2020?
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Oak Corporation has the following general business credit carryovers:
2016
$7,250
2017
21,750
2018
8,250
2019
25,750
Total carryovers
$63,000
The general business credit generated by activities during 2020 equals $50,400 and the total credit allowed during the current year is $87,000 (based on tax liability).
a. Enter the amount (if any) of each year's carryover utilized in 2020.
Year
Amount ofCarryoverUtilized
2016
$
2017
$
2018
$
2019
$
2020
$
b. What is the amount of any unused credits carried forward to 2021?
16. Umasa Company reported rental revenue of P2,210,000 in the cash basis income tax return for the year ended November 30, 2020. Rent receivable – Nov. 30, 2020 is P1,060,000; Rent receivable – Nov. 30, 2019 is P800,000; and Uncollectible rent written off during the fiscal year is P30,000. Under accrual basis, what amount should be reported as rent revenue?
a. P1,920,000
b. P2,240,000
c. P2,500,000
d. P1,980,000
Oak Corporation holds the following general business credit carryovers:
2016
$5,000
2017
15,000
2018
6,000
2019
19,000
Total carryovers
$45,000
The Oak's general business credit generated by 2020 activities equals $36,000 and the total credit allowed during the current year is
$60,000 (based on tax liability).
a. Enter the amount (if any) of each year's carryover utilized in 2020.
Amount of
Carryover
Year
Utilized
2016
2017
2018
2019
2020
b.
What is the amount of any unused credits carried forward to 2021?
%24
Chapter 13 Solutions
Individual Income Taxes
Ch. 13 - Prob. 1DQCh. 13 - LO.2 Clint, a sell-employed engineering...Ch. 13 - Prob. 3DQCh. 13 - Prob. 4DQCh. 13 - Prob. 5DQCh. 13 - LO.4 Mark and Lisa are approaching an exciting...Ch. 13 - Prob. 7DQCh. 13 - Prob. 8DQCh. 13 - Prob. 9DQCh. 13 - Describe the two additional Medicare taxes that...
Ch. 13 - Prob. 11CECh. 13 - Prob. 12CECh. 13 - LO.3 During 2019, Lincoln Company hires seven...Ch. 13 - Prob. 14CECh. 13 - Samuel and Annamaria are married, file a joint...Ch. 13 - Prob. 16CECh. 13 - Prob. 17CECh. 13 - LO.4, 8 Ava and her husband, Leo, file a joint...Ch. 13 - Prob. 19CECh. 13 - Prob. 20CECh. 13 - LO.5 In 2019, Bianca earned a salary of 164,000...Ch. 13 - Prob. 22CECh. 13 - LO.7 Determine the additional Medicare taxes for...Ch. 13 - Prob. 24PCh. 13 - LO.2 Oak Corporation has the following general...Ch. 13 - Prob. 26PCh. 13 - Prob. 27PCh. 13 - Prob. 28PCh. 13 - Prob. 29PCh. 13 - Prob. 30PCh. 13 - LO.4 Jason, a single parent, lives in an apartment...Ch. 13 - LO.4, 8 Joyce, a widow, lives in an apartment with...Ch. 13 - Prob. 33PCh. 13 - Prob. 34PCh. 13 - Prob. 35PCh. 13 - Prob. 36PCh. 13 - Prob. 37PCh. 13 - Prob. 38PCh. 13 - LO.5 During 2019, Greg Cruz (1401 Orangedale Road,...Ch. 13 - Prob. 40PCh. 13 - Jane, who is expecting to finish college in May...Ch. 13 - Julie, being self-employed, is required to make...Ch. 13 - Prob. 43PCh. 13 - Beth R. Jordan lives at 2322 Skyview Road, Mesa,...Ch. 13 - Prob. 45CPCh. 13 - Ashby and Curtis, married professionals, have a...Ch. 13 - Prob. 2RPCh. 13 - Prob. 4RPCh. 13 - Prob. 1CPACh. 13 - Prob. 2CPACh. 13 - Prob. 3CPACh. 13 - Prob. 4CPACh. 13 - Prob. 5CPA
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