For 2016, Silver Corporation (a calendar year business) incurred the following transactions: Taxable income...................................................................... $3,950,000 Accelerated depreciation
Question:
For 2016, Silver Corporation (a calendar year business) incurred the following transactions:
Taxable income...................................................................... $3,950,000
Accelerated depreciation on pre-1987 real property
(in excess of straight-line depreciation).......................................... 1,240,000
Excess intangible drilling cost.................................................... 475,000
AMT NOL deduction ............................................................. 790,000
ACE adjustment (positive)......................................................... 1,500,000
a. Determine Silver 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 any AMT?
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:
a Taxable income of Silver Corporation 3950000 Adjustments AMT NOL deduction 790000 ACE positive 150...View the full 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
