Sunshine Company has book income of $250,000. It also has tax depreciation in excess of book depreciation of $30,000 and $10,000 of interest on tax-exempt bonds. Without regard to tax expense, what is Sunshine s taxable income? $210,000 $230,000 $270,000 $290,000 The corporate alternative minimum tax exemption begins to phase out for AMT income of and is completely phased out at AMT income of or more. $40,000; $150,000 $40,000; $310,000 $150,000; $300,000 $150,000; $310,000 Which of the following will disqualify a corporation from electing Subchapter S status? The corporation has 80 shareholders. The corporation has one class of stock. The election form is signed by 80% of the shareholders. All shareholders are U.S. citizens except for 10% who are resident aliens