Broadway Corporation is a C corporation not exempt from the AMT. During the current year, Broadway contributed

Question:

Broadway is a C not exempt from the AMT. During the current year, Broadway contributed significant amounts of cash to various charitable organizations. Should Broadway make any adjustment for its charitable contributions when calculating its alternative minimum taxable income and/or adjusted current earnings?
A partial list of sources is:
• IRC Sec. 170(b)(1) and (2)
• Reg. Sec. 1.55-1(a)
• Reg. Sec. 1.56(g)-1(a)(5)
• Ltr. Rul. 9320003 (February 1, 1993)
• Ltr. Rul. 9321063 (March 2, 1993)
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...