CORPORATIONS
If Taxable Income Is:			The Tax Is:
Over-	But Not Over-					Of the Amount Over-
$0	$50,000				15%	$0
50,000	75,000		$7,500	+	25%	50,000
75,000	100,000		13,750	+	34%	75,000
100,000	335,000		22,250	+	39%	100,000
335,000	10,000,000		113,900	+	34%	335,000
10,000,000	15,000,000		3,400,000	+	35%	10,000,000
15,000,000	18,333,333		5,150,000	+	38%	15,000,000
18,333,333			6,416,667	+	35%	18,333,333

Note: If taxable income is at least $335,000 but less than $10,000,000,

the corporation pays a flat 34% tax rate on all of its taxable income

In the current year, Willard Corporation has taxable income of $600,000 and tax preference items of $130,000. It also has $210,000 of positive AMT adjustment items and $120,000 of negative AMT adjustment items (neither of which includes the ACE adjustment). Willard's ACE amount is $1.2 million. Willard is not a small corporation exempt from the AMT

Determine the following for Willard:
a.	AMTI
b.	Tentative minimum tax (TMT)
c.	AMT
d.	Minimum tax credit
e.	How much smaller would Willard's tax preference and AMT adjustment items have to be for its AMT to be zero?