For 2015 Gold Corporation a calendar year business had the
For 2015, Gold Corporation (a calendar year business) had the following transactions:
Taxable income ....................... $4,200,000
Accelerated depreciation on pre-1987 real property (in excess of straight-
line depreciation) ...................... 1,500,500
Excess intangible drilling costs .................. 575,250
AMT NOL deduction .................... 989,570
Assume no ACE adjustment.
a. Determine Gold Corporation’s AMTI for 2015.
b. Determine the tentative minimum tax base (refer to Exhibit 3.4).
c. Determine the tentative minimum tax.
d. What is the amount of the AMT, if any?
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