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RST CORPORATION REPORTS $600,000 OF REGULAR TAXABLE INCOME FOR THE CURRENT YEAR. It also reports the following information, which is reflected in the regular taxable
RST CORPORATION REPORTS $600,000 OF REGULAR TAXABLE INCOME FOR THE CURRENT YEAR. It also reports the following information, which is reflected in the regular taxable income amount. Depreciation: For Regular Tax $440,000 For AMT 410,000 Tax-exempt interest: On general revenue bonds 100,000 On private activity bonds 75,000 Current year installment sale: Total realized gain 150,000 Portion of gain on current year installment collections 25,000 Prior year installment sale: Total realized gain 140,000 Portion of gain on current year installment collections 35,000 Life insurance proceeds received for death of an RST Executive 500,000 Organizational expenditures deducted in current year 5,000 Dividend received from a 25% owned corporation 90,000 RST is not a small corporation exempt from AMT and has not AMT adjustment for any US production activities deduction. The general revenue bonds and private bonds were issued before 2009. What is RSTs total current year federal income tax
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