ZuoTi.Pro
Question

Ray Rayburn, a calendar-year taxpayer, has a regular tax liability of $15000 in 2019. He has...

Ray Rayburn, a calendar-year taxpayer, has a regular tax liability of $15000 in 2019. He has an AMT credit carried over from 2018 of $8000. His tentative minimum tax for 2019 is $12000. What is the amount of minimum tax credit can Ray use in 2019?   

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Regular tax liability = 15000

Tentative minimum tax = 12000

Difference between regular tax liability and Tentative minimum tax = 15000-12000 = 3000

Therefore amount of tax credit that can be used = 3000

0 0
Add a comment
Know the answer?
Add Answer to:
Ray Rayburn, a calendar-year taxpayer, has a regular tax liability of $15000 in 2019. He has...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • Q1. Elijah is single. He holds a $19,000 AMT credit from 2018. In 2019, his regular...

    Q1. Elijah is single. He holds a $19,000 AMT credit from 2018. In 2019, his regular tax liability is $47,500 and his tentative minimum tax is $40,375. How much of the AMT credit can Elijah use in 2019? a. Bristol, who is single, has AMTI of $570,200. Her AMT exemption is (chart below) b. Marley and Naila are married and file a joint tax return. Their AMTI is $1,125,200. Their AMT exemption is (chart below) Status Exemption $111,700 71,700 55,850...

  • n year 1, GSL Corp.’s alternative minimum tax base was $2,000,000 and its regular tax liability...

    n year 1, GSL Corp.’s alternative minimum tax base was $2,000,000 and its regular tax liability is $350,000. a. What is GSL’s total tax liability for years 1, 2, 3, and 4 (by year) assuming the following? Year 2: AMT base $600,000; Regular tax liability $100,000. Year 3: AMT base $500,000; Regular tax liability $160,000. Year 4: AMT base $1,000,000; Regular tax liability $150,000. b. What, if any, the minimum tax credit does GSL have at the end of year...

  • Katie (single) has 2019 regular taxable income of $375,000, resulting in a regular tax liability of...

    Katie (single) has 2019 regular taxable income of $375,000, resulting in a regular tax liability of $106,445. She has negative AMT adjustments of $45,000 and AMT preference items of $1,000. How much AMT does Katie owe in 2019?

  • 13-19 Alternative Minimum Tax-Computation. T is single and has taxable income of $56,550 and a regular...

    13-19 Alternative Minimum Tax-Computation. T is single and has taxable income of $56,550 and a regular tax liability of $8,380.50 for the current year. T uses the standard deduction for regular tax purposes and has $60,000 of positive adjustments (excluding the adjustment for the standard deduction) for AMT purposes. a. Determine T's tentative minimum tax and her AMT. b. Determine the amount that T actually has to pay the IRS this year.

  • Dawson Inc. had regular tax due of 35.000 for the tax year ending Decembel 31 2018....

    Dawson Inc. had regular tax due of 35.000 for the tax year ending Decembel 31 2018. it also had 60.000 of AMT. credit carried forward from prior years and available in 2018. what is the amount of the AMT credit that can be claimed in 2018

  • A. Last year, TBA Corporation, a calendar-year taxpayer, reported a tax liability of $70,000. TBA confidently...

    A. Last year, TBA Corporation, a calendar-year taxpayer, reported a tax liability of $70,000. TBA confidently anticipates a current year tax liability of $240,000. What minimum estimated tax payments should TBA make for the second quarters (ignore the annualized income method) assuming that TBA is not considered to be a large corporation for estimated tax purposes?

  • Elsie has a tentative general business credit of $65,000 for the current year. Her net regular...

    Elsie has a tentative general business credit of $65,000 for the current year. Her net regular tax liability before the general business credit is $145,000, and her tentative minimum tax is $101,000. 1. Complete the statements below that outline Elsie's limitation on the general business credit. Elsie's general business credit is limited to her net income tax reduced by the greater  of her tentative minimum tax or 25 % of the net regular tax liability that exceeds $. _________ Therefore, Elsie's...

  • Carlson's general business credit (before limitations) for the current year is $109,850. His net income tax...

    Carlson's general business credit (before limitations) for the current year is $109,850. His net income tax is $241,670, tentative minimum tax is $217,503, and net regular tax liability is $229,587. He reports no other Federal income tax credits for the year. Compute Carlson's general business credit allowed for the year, and any amounts that can be carried back and forward. If required, round your computations to the nearest dollar. Carlson's general business credit allowed for the year is $______ and...

  • David, an unmarried taxpayer filing single with no dependents, has AGI of $690,000 and reports the...

    David, an unmarried taxpayer filing single with no dependents, has AGI of $690,000 and reports the following items in 2019: BE: (Click the icon to view the items reported in 2019.) (Click the icon to view the 2019 AMT exemption amounts.) Requirement What is David's AMT liability for 2019? Begin by computing David's alternative minimum tax base amount for 2019. (Do not round intermediary calculations, only round the amounts you enter into the input cell to the nearest whole Plus:...

  • For 2018, Randy, an unmarried taxpayer, has wages of $45,000. He has a significant amount of...

    For 2018, Randy, an unmarried taxpayer, has wages of $45,000. He has a significant amount of income from dividends and interest and therefore expects to have a federal income tax liability of $18,000. His total federal income tax withholding for the year is $9,500. Randy had $100,000 of adjusted gross income and a federal tax liability of $11,000 on his 2017 return. To avoid a penalty for underpayment of estimated taxes, what is the minimum amount of total estimated tax...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT