Question
1.The Loquat Corporation has book net income of $50,000 for 2014. Included in this figure are the following items, which are reported on the corporation's
1.The Loquat Corporation has book net income of $50,000 for 2014. Included in this figure are the following items, which are reported on the corporation's Schedule M-1, Reconciliation of Income (Loss) per Books with Income per Return.
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Calculate Loquat Corporation's taxable income for 2014 based on the information given. $
2.Cypress Corporation has regular taxable income of $170,000 (assume annual gross receipts are greater than $5 million) and a regular tax liability of $49,550 for 2014. 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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