Cypress Corporation has regular taxable income of $170,000 (assume annual gross receipts are greater than $5 million) and regular tax liability of $49,550 for 2012 The corporation also has tax preference items amounting to $105,000 Calculate Cypress Corporation 's alternative minimum tax liability ...

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 regular tax liability of $49,550 for 2012. The also has tax preference items amounting to $105,000. Calculate Cypress Corporation's alternative minimum tax liability. Assume Cypress is not a ''small 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...