dear accountants,

I need help with the below assignment, thanks a lot

Please answer each question and explain why its correct. Show your work please. X Corporation, a calendar year corporation, has alternative minimum taxable income (before any exemption) of $2 million for 2016. The company is not a small corporation. If the regular corporate tax is $326,562 X Corporation's alternative minimum tax for 2016 is: a. $326,562 b. $400,000 c. $73,438 d. $47,000 e. None of these choices are correct. QUESTION 2 X Corporation, a calendar year corporation, has alternative minimum taxable income (before any exemption) of $170,000 for 2016. The company is not a small corporation. If the regular corporate tax is $21,000, X Corporation's alternative minimum tax for 2016 is: a. $27,000 b. $21,000 c. $135,000 d. $6,000 e. None of these choices are correct. QUESTION 3 During 2016, X Corporation (a calendar year taxpayer) has $2,000,000 of taxable income, is subject to a tax rate of 34%, and has the following transactions: AMTI (not including adjusted current earnings) $3,000 Adjusted current earnings $4,000 X Corporation's alternative minimum tax (AMT) for 2016 is: a. $750,000 b. $70,000 c. $500,000 d. $1,360,000 e. None of these choices are correct. QUESTION 4 In 2016, X Corporation, a calendar year taxpayer, has AMTI (before adjustment for adjusted current earnings) of $8 million. If X Corporation's ACE is $14 million, its tentative minimum tax for 2016 is: a. $2.75 million b. $4.2 c. $3.45 million d. $2.5 million e. None of these choices are correct. QUESTION 5 X Corp. manufactures jewelry and is a retail seller of jewelry purchased as inventory that is completely made by other vendors. X Corp. has DPGR of $400,000, QPAI of $320,000, and taxable income of $150,000. Also, W-2 wages related to DPGR are $80,000. What is the allowable DPAD, if any, for 2016? a. $6,000 b. $9,000 c. $7,170 d. None e. Some other amount. QUESTION 6 Taxpayer A and Taxpayer B each own 50% of Corporation X, a calendar year taxpayer. Taxpayer A has a stock basis of $200,000; and Taxpayer B has a stock basis of $200,000. Distributions from Corporation X are: $800,000 to Taxpayer A on May 1 and $200,000 to Taxpayer B on June 1. Corporation X's current E & P is $500,000 and its accumulated E & P is $400,000. How much of the accumulated E & P is allocated to Taxpayer A's distribution? a. $100,000 b. $400,000 c. $300,000 d. $0 e. None of these choices are correct. QUESTION 7 Taxpayer A and Taxpayer B each own 50% of Corporation X, a calendar year taxpayer. Taxpayer A has a stock basis of $200,000; and Taxpayer B has a stock basis of $200,000. Distributions from Corporation X are: $800,000 to Taxpayer A on May 1 and $200,000 to Taxpayer B on June 1. Corporation X's current E & P is $500,000 and its accumulated E & P is $400,000. How much of the accumulated E & P is allocated to Taxpayer B's distribution? a. $100,000 b. $400,000 c. $300,000 d. $0 e. None of these choices are correct. QUESTION 8 Taxpayer A and Taxpayer B each own 50% of Corporation X, a calendar year taxpayer. Taxpayer A has a stock basis of $200,000; and Taxpayer B has a stock basis of $200,000. Distributions from Corporation X are: $800,000 to Taxpayer A on May 1 and $200,000 to Taxpayer B on June 1. Corporation X's current E & P is $500,000 and its accumulated E & P is $400,000. How much of the current E & P is allocated to Taxpayer A's distribution? a. $100,000 b. $400,000 c. $300,000 d. $0 e. None of these choices are correct. QUESTION 9 Taxpayer A and Taxpayer B each own 50% of Corporation X, a calendar year taxpayer. Taxpayer A has a stock basis of $200,000; and Taxpayer B has a stock basis of $200,000. Distributions from Corporation X are: $800,000 to Taxpayer A on May 1 and $200,000 to Taxpayer B on June 1. Corporation X's current E & P is $500,000 and its accumulated E & P is $400,000. How much of the current E & P is allocated to Taxpayer B's distribution? a. $100,000 b. $400,000 c. $300,000 d. $0 e. None of these choices are correct. QUESTION 10 Taxpayer A and Taxpayer B each own 50% of Corporation X, a calendar year taxpayer. Taxpayer A has a stock basis of $200,000; and Taxpayer B has a stock basis of $200,000. Distributions from Corporation X are: $800,000 to Taxpayer A on May 1 and $200,000 to Taxpayer B on June 1. Corporation X's current E & P is $500,000 and its accumulated E & P is $400,000. How much, if any, return of capital does Taxpayer A recognize? a. $100,000 b. $400,000 c. $300,000 d. $0 e. None of these choices are correct