Jahlil Corporation has GAAP net income of $4,670,000,000. To compute Jahlil's AFSI, the following items may...
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Jahlil Corporation has GAAP net income of $4,670,000,000. To compute Jahlil's AFSI, the following items may require adjustment: • Federal income tax expense for book purposes totals $1,074,100,000. • MACRS depreciation is $950,000,000; book depreciation is $564,000,000. • Book net operating loss carryforwards total $330,000,000. Required: a. Compute Jahlil Corporation's AFSI. b. If Jahlil's regular tax liability is $747,500,000, compute the corporation's tentative minimum tax, AMT, and total tax liability. Jahlil Corporation has GAAP net income of $4,670,000,000. To compute Jahlil's AFSI, the following items may require adjustment: • Federal income tax expense for book purposes totals $1,074,100,000. • MACRS depreciation is $950,000,000; book depreciation is $564,000,000. • Book net operating loss carryforwards total $330,000,000. Required: a. Compute Jahlil Corporation's AFSI. b. If Jahlil's regular tax liability is $747,500,000, compute the corporation's tentative minimum tax, AMT, and total tax liability.
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a To compute Jahlil Corporations Alternative Minimum Taxable Income AMTI ... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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