Cypress Corporation has regular taxable income of $170,000 (assume annual gross receipts are greater than $5 million) and a regular tax liability of $49,550 for 2014. The corporation also has tax preference items amounting to $105,000. Calculate Cypress Corporation’s alternative minimum tax liability. Assume Cypress Corporation is not a “small corporation” for AMT purposes. $ _______________
Answer to relevant QuestionsFrank, age 35, and Joyce, age 34, are married and file a joint income tax return for 2014. Their salaries for the year total $83,000 and they have taxable interest income of $4,000. They have no deductions for adjusted gross ...Describe the difference between the standard deduction and itemized deductions. How should a taxpayer decide whether to take the standard deduction or claim itemized deductions? ...Fisafolia Corporation has gross income from operations of $220,000 and operating expenses of $160,000 for 2014. The corporation also has $20,000 in dividends from publicly traded domestic corporations (ownership in all ...1. The burden of proof remains on the taxpayer for corporations, trusts, and partnerships with net worth exceeding: a. $1 million b. $3 million c. $5 million d. $7 million e. Some other amount 2. The IRS does not have ...For each of the following situations, indicate the nature and amount of the penalty that could be imposed.
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