For 2016, Gold Corporation (a calendar year business) had the following transactions: Taxable income...................................................................... $4,200,000 Accelerated depreciation
Question:
For 2016, Gold Corporation (a calendar year business) had the following transactions:
Taxable income...................................................................... $4,200,000
Accelerated depreciation on pre-1987 real property
(in excess of straightline depreciation)............................................ 1,500,500
Excess intangible drilling costs .................................................... 575,250
AMT NOL deduction............................................................... 989,570
Assume no ACE adjustment.
a. Determine Gold Corporation's AMTI for 2016.
b. Determine the tentative minimum tax base (refer to Exhibit 3.4).
c. Determine the tentative minimum tax.
d. What is the amount of the AMT, if any?
CorporationA 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...
Step by Step Answer:
South Western Federal Taxation 2017 Corporations, Partnerships, Estates And Trusts
ISBN: 9781305874336
40th Edition
Authors: William H. Hoffman, William A. Raabe, David M. Maloney, James C. Young