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Jahlil Corporation has GAAP net income of $4,688,000,000. To compute Jahlil's AFSI, the following items may require adjustment: Federal income tax expense for book purposes
Jahlil Corporation has GAAP net income of $4,688,000,000. To compute Jahlil's AFSI, the following items may require adjustment: Federal income tax expense for book purposes totals $1,092,100,000. MACRS depreciation is $968,000,000; book depreciation is $582,000,000. Book net operating loss carryforwards total $348,000,000. Required: Compute Jahlil Corporation's AFSI. If Jahlil's regular tax liability is $749,300,000, compute the corporation's tentative minimum tax, AMT, and total tax liability
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