What is Middle Corporation€™s regular tax, AMT, total federal income tax, and minimum tax credit generated in each of the following scenarios? Assume that Middle€™s ACE adjustments in prior years net to a positive $120,000 and that Middle is not a small corporation exempt from the AMT.

Transcribed Image Text:

Scenario 1 Scenario 2 Scenario 3 Regular taxable income AMT preference and adjustment items (other than the ACE adjustment 100,000 25,000 Adjusted current earnings 200,000 50,000S3 S300,000 160,000 00,000 50000 400,000