Question: Based on the following facts calculate adjusted current earnings ACE Alternative

Based on the following facts, calculate adjusted current earnings (ACE).
Alternative minimum taxable income (AMTI before ACE adjustment) .... $5,120,000
Municipal bond interest ........................ 630,000
Expenses related to municipal bonds ................... 50,000
Key employee life insurance proceeds in excess of
cash surrender value ......................... 2,000,000
Organization expense amortization ................... 100,000
Cost of goods sold ........................ 6,220,000
Advertising expenses ....................... 760,000
Loss between related parties .................... 260,000
Life insurance premiums paid .................... 300,000

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  • CreatedMay 25, 2015
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