LO.6, 7 For 2012, Apple Corporation (a calendar year integrated oil company) had the following transactions: Taxable

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LO.6, 7 For 2012, Apple Corporation (a calendar year integrated oil company) had the following transactions:

Taxable income $4,000,000 Regular tax depreciation on realty in excess of ADS (placed in service in 1989) 1,700,000 Excess intangible drilling costs 500,000 Percentage depletion in excess of the property’s adjusted basis 700,000 Assume no ACE adjustment.

a. Determine Apple Corporation’s AMTI for 2012.

b. Determine the tentative minimum tax base (refer to Figure 3.2).

c. Determine the tentative minimum tax.

d. What is the amount of any AMT?

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