Question

Peach Corporation (a calendar year company) recorded the following transactions.
Taxable income ...................... $5,000,000
Regular tax depreciation on realty in excess of ADS
(placed in service in 1991) .................. 1,700,000
Amortization of certified pollution control facilities
(in excess of ADS amortization) .................. 200,000
Tax-exempt interest on private activity bonds issued in 2006 ..... 300,000
Percentage depletion in excess of the property’s adjusted basis ..... 700,000
a. Determine Peach Corporation’s AMTI.
b. Determine the alternative minimum tax base (refer to Exhibit 17.2).
c. Determine the tentative minimum tax.
d. What is the amount of the AMT?


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  • CreatedMay 25, 2015
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