Cypress Corporation has regular taxable income of $170,000 (assume annual gross receipts are greater than $5 million) and a regular tax liability of $49,550 for 2013 The corporation also has tax preference items amounting to $105,000 Calculate Cypress Corporation 's alternative minimum tax liabilit...

Regular taxable income 170000 Corporate tax preferences 105000 Alt ...

Cypress Corporation has regular taxable income of $170,000 (assume annual gross receipts are greater than $5 million)

Question:

Cypress has regular taxable income of $170,000 (assume annual gross receipts are greater than $5 million) and a regular tax liability of $49,550 for 2013. The also has tax preference items amounting to $105,000. Calculate Cypress Corporation's alternative minimum tax liability. Assume Cypress is not a "small
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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...