For 2015, Gold Corporation (a calendar year business) had the following transactions: Taxable income . $4,200,000 Accelerated

Question:

For 2015, Gold Corporation (a calendar year business) had the following transactions:

Taxable income …………………………………………………………. $4,200,000

Accelerated depreciation on pre-1987 real property (in excess of straight-

line depreciation) ………………………………………………………… 1,500,500

Excess intangible drilling costs ………………………………………….. 575,250

AMT NOL deduction …………………………………………………… 989,570

Assume no ACE adjustment.

a. Determine Gold Corporation’s AMTI for 2015.

b. Determine the tentative minimum tax base (refer to Exhibit 3.4).

c. Determine the tentative minimum tax.

d. What is the amount of the AMT, 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...