Aqua, Inc., a calendar year corporation, has the following gross receipts and tax able income for 2011-2014:

Question:

Aqua's first year of operations was 2011.
a. When is Aqua first exempt from the AMT as a small corporation?
b. Is Aqua subject to the AMT for 2014? Explain.

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South Western Federal Taxation 2015 Essentials Of Taxation Individuals And Business Entities

ISBN: 9781285438290

18th Edition

Authors: James Smith, William Raabe, David Maloney, James Young

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Question Posted: May 25, 2015 07:39 AM

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Aqua, Inc., a calendar year corporation, has the following gross receipts and tax able income for 2011-2014:

Question:

Year 2011 2012 2013 2014 Gross Receipts $6,000,000 7,000,000 7,500,000 7,200,000 Taxable Income $1,400,000 1,312,000 1,002,000 985,000

Step by Step Answer:

a Aqua is first exempt from the AMT for 2011 as a small corporation ...View the full answer

South Western Federal Taxation 2015 Essentials Of Taxation Individuals And Business Entities

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