Question: In year 1, GSL Corp.'s alternative minimum tax base was $2,000,000 and its regular tax liability is $350,000. a. What is GSL's total tax liability

In year 1, GSL Corp.'s alternative minimum tax base was $2,000,000 and its regular tax liability is $350,000.

a. What is GSL's total tax liability for years 1, 2, 3, and 4 (by year) assuming the following?

b. What, if any, minimum tax credit does GSL have at the end of year 4?

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