For 2017, Gold Corporation (a calendar year business) had the following transactions: Taxable income............................................................................$4,200,000 Accelerated depreciation on
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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 2017.
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...
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Related Book For
South Western Federal Taxation 2018 Corporations Partnerships Estates And Trusts
ISBN: 1389
41st Edition
Authors: William H. Hoffman, William A. Raabe, James C. Young, Annette Nellen, David M. Maloney
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