For 2017, Apple Corporation (a calendar year integrated oil company) had the following transactions:
Taxable income..................................................................$3,600,000
Regular tax depreciation on realty in excess of ADS (placed in
service in 1989)...................................................................1,530,000
Excess intangible drilling costs...................................................450,000
Percentage depletion in excess of the property's adjusted basis..............630,000
Assume no ACE adjustment.
a. Determine Apple Corporation's AMTI for 2017.
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?