Question
For the current year, CCP Inc. received the following interest income: $20,750 interest from Irvine City bonds: Bonds issued in 2012 and proceeds used to
| For the current year, CCP Inc. received the following interest income: |
| $20,750 interest from Irvine City bonds: Bonds issued in 2012 and proceeds used to fund public schools. | |
| $39,500 interest from Fluor Corporation bonds. | |
| $16,900 interest from Mission Viejo City: Bonds issued in 2013 and proceeds used to lure new business to the area. | |
| $10,300 interest from U.S. Treasury notes. |
| a. | What amount of this interest income is taxable to CCP? |
| b. | What amount of interest should CCP report as a preference item when calculating its alternative minimum tax liability? |
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Internal Audit Emphasis Management In Organizations
Authors: Juarez Pinto, Anísio Cândido Pereira, Joshua Onome Imoniana
1st Edition
3659942332, 978-3659942334
