Gretchen's 2017 tax return, due April 15, 2018, was filed on July 15, 2018. Her tax due with the return was $1,200. Gretchen owes a late filing penalty of $180. O True O False D Question 3 2 pts Contributions to an employer-sponsored qualified retirement plan are deductible by the employer in the year of contribution but are not included in the employees' gross income True False D Question 4 Which of the following statements about the calculation of corporate alternative minimum tax (AMT) is true? Corporate AMT has been repealed under the Tax Cuts and Jobs Act of 2017. The AMT net operating loss can reduce AMTI to zero. The AMTI exemption for all corporations is $40,000. The minimum tax credit can be carried back two years. Question 5 2 pts 2 pts Bryan Houlberg expects his C corporation to generate a profit of $200,000. What is Bryan's after- tax cash flow from the corporation if net income after corporate tax is distributed to him as a dividend and his marginal tax rate on ordinary income is 37%? $120,000 O $90,188 $126,400 O $151,438