Cypress Corporation, a calendar year end corporation, has an AMT credit carryforward from 2017 in the amount
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Cypress Corporation, a calendar year end corporation, has an AMT credit carryforward from 2017 in the amount of $43,000. In 2018, Cypress has $170,000 of taxable income. Assuming Cypress is not a personal service corporation, what is the amount of refund Cypress can expect to receive from its 2018 tax return filing?
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Taxable income 170000 Tax rate 21 Precredit income taxes 35700 AMT credit applied 357...View the full answer
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Related Book For
Income Tax Fundamentals 2019
ISBN: 9781337703062
37th Edition
Authors: Gerald E. Whittenburg, Steven Gill
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