Aqua, Inc., a calendar year corporation, has the following gross receipts and taxable income for 2012 through

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Aqua, Inc., a calendar year corporation, has the following gross receipts and taxable income for 2012 through 2015:

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Aqua’s first year of operations was 2012.

a. When is Aqua first exempt from the AMT as a small corporation?

b. Is Aqua subject to the AMT for 2015? Explain.

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Essentials Of Taxation 2016 Individuals And Business Entities

ISBN: 9781305395305

39th Edition

Authors: William A. Raabe, David M. Maloney, James C. Young, William H. Jr. Hoffman

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Question Posted: Feb 08, 2024 11:00 AM

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Aqua, Inc., a calendar year corporation, has the following gross receipts and taxable income for 2012 through

Question:

Year 2012 2013 2014 2015 Gross Receipts $6,000,000 7,000,000 7,500,000 7,200,000 Taxable Income $1,400,000 1,312,000 985,000 1,002,000

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Essentials Of Taxation 2016 Individuals And Business Entities

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