Cypress Corporation has regular taxable income of $170,000 (assume annual gross receipts are greater than $7.5 million)

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Cypress Corporation has regular taxable income of $170,000 (assume annual gross receipts are greater than $7.5 million) and a regular tax liability of $49,550 for 2016. The corporation also has tax preference items amounting to $105,000. Calculate Cypress Corporation’s alternative minimum tax liability. Assume Cypress Corporation is not a “small corporation” for AMT purposes.

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Income Tax Fundamentals 2017

ISBN: 9781305872738

35th Edition

Authors: Gerald E. Whittenburg, Steven Gill, Martha Altus Buller

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