A corporation has regular taxable income of $370,000 and a regular tax liability of $125,800. It has

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A corporation has regular taxable income of $370,000 and a regular tax liability of $125,800. It has positive tax preference items totaling $310,000. You have determined that the corporation is subject to alternative minimum tax because it has average annual gross receipts of $9,000,000. Determine the amount of AMT owed by the corporation, if any.
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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Fundamentals Of Taxation 2015

ISBN: 9781259293092

8th Edition

Authors: Ana Cruz, Michael Deschamps, Frederick Niswander, Debra Prendergast, Dan Schisler, Jinhee Trone

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