The Falcon Corporation has $68,000 in taxable income. Its accountant uncovered $87,000 in net positive adjustments and

Question:

The Falcon has $68,000 in taxable income. Its accountant uncovered $87,000 in net positive adjustments and $2,000 of preference items in determining its alternative minimum taxable income. What are the corporation's AMTI and AMT?
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...