Question: Can you help me please? Identify the following items as an AMT adjustment to taxable income (A), a tax preference item (P), or neither (N):
Can you help me please? Identify the following items as an AMT adjustment to taxable income (A), a tax preference item (P), or neither (N): a. Percentage depletion in excess of a propertys adjusted basis at the end of the tax year. b. The Sec. 179 expense and first-year MACRS depreciation claimed on a machine costing $200,000 and placed in service in the current year. c. The difference between gain on the sale of the asset in Part b for taxable income purposes and alternative minimum taxable income purposes. d. Tax-exempt interest earned on State of Michigan private activity bonds. e. Tax-exempt interest earned on State of Michigan general revenue bonds. f. 75% of the excess of adjusted current earnings (ACE) over preadjustment AMTI
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