Question
Peach Corporation (a calendar year company) recorded the following transactions. Assume that the corporation is not a small corporation, this is not its first year
Peach Corporation (a calendar year company) recorded the following transactions. Assume that the corporation is not a small corporation, this is not its first year of operations, and it does not record an ACE adjustment. Taxable income $5,000,000 Regular tax depreciation on realty in excess of ADS (placed in service in 1991) 1,700,000 Amortization of certified pollution control facilities (in excess of ADS amortization) 200,000 Tax-exempt interest on private activity bonds issued in 2013 300,000 Percentage depletion in excess of the property's adjusted basis $700,000 Peach is in the 34% tax bracket for regular income tax purposes. If an amount is zero, enter "0". a. Peach Corporation's AMTI is $ . b. The alternative minimum tax base is $ . c. The tentative minimum tax is $ . d. The amount of the AMT is $ .
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