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Please someone help me. I asked this question before and the answer I was given was wrong. I need the correct answer tonight!! Please someone

Please someone help me. I asked this question before and the answer I was given was wrong. I need the correct answer tonight!! Please someone help me.

Please use the Student Template Assignment 2 template (linked at the bottom of the page) for the assignment below.

Tarass Inc. is an accrual-method calendar-year corporation. Tarass, Inc. did not qualify for the domestic production activities deduction. The following information has been provided about the activities occurring in 2013:

Life insurance proceeds from CFOs death

$100,000

Revenue from sales

$3,500,000

Key person life insurance premium

$6,800

Utilities cost

$275,000

Employee benefits expense

$65,000

Intangible drilling costs

$40,000

Mining exploration and development costs

$60,000

Interest income on qualified private activity, tax-exempt bonds

$25,000

Interest paid on loan to purchase tax-exempt bonds

$25,000

Alternative Minimum NOL Deduction

$35,000

Rental income received and earned in 2013

$5,000

Rental income received but not earned in 201

$10,000

Overhead costs : Expensed in 2013

$5,000

Overhead costs expensed for financial reporting in 2012

$10,000

Charitable contributions

$315,000

Using Excel, prepare a reconciliation. Set up the Excel spreadsheet using the example below:

Line Item *a

2013 Taxable Income *b: I OR D OR N

Adjustments OR Preferences *c:

AMTI EFFECTS *d: Positive(P) Negative (N) Either (E)

Adjustments (A) Neither(N)

Preferences (P)

NOTE *a: Line Item is each activity recorded for Tarass in 2013.

NOTE *b: 2013 Taxable Income refers to if the line item would increase, decrease, or have no effect on Tarasss book income under GAAP. Put an I if the line item would increase 2013 taxable income OR D if the item would decrease 2013 taxable income OR N if the line item would neither increase nor decrease 2013 taxable income.

NOTE *c: Adjustments OR Preferences refers to if the line item is an adjustment or a preference. Please place an A if the line item is an adjustments OR a P if the line item is a preference OR an N if the line item is neither an adjustment nor a preference.

NOTE *d: AMTI Effects refers to if the line item would have a positive, negative, or no effect on the Alternative Minimum Taxable Income. Please place a (P) for a positive affect OR (N) for a negative effect OR an (E) if the line item could have either a positive or negative effect. If the line item is not applicable to AMTI, leave the block blank.

NOTE: The student might want to consult with the IRS website, downloading the instructions for Form 4626 @http://www.irs.gov/pub/irs-pdf/i4626.pdf. Form 4626 can be downloaded @ http://www.irs.gov/pub/irs-pdf/f4626.pdf

APPLICABLE

2013 Taxable Income

Adjustments OR Preferences

AMTI AFFECTS

Line Item

"I" OR "D"

OR "N"

"A" OR "P" OR "N"

"P" OR "N" OR "E"

Life ins. proceeds - CFOs death

Revenue from sales

Key-person life ins. premium

Utilities cost

Employee benefits expenses

Intangible drilling costs

Mining exploration and development costs

Interest income on qualified private activity tax-exempt bonds

Interest paid on loan to purchase tax exempt bonds

Alternative Minimum NOL Deduction

Rental income received & earned in 2013

Rental income received but not earned in 2013

Overhead cost - Expensed in 2013

Overhead cost - Expensed in 2012

Charitable contributions

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