Homework Answers
| a. | ||
| $ | ||
| A | Taxable Income | 56550 |
| B | Regular Tax Liability | 8380.5 |
| C | Positive Adjustments | 60000 |
| D | Adjusted Total Income (A+C) | 116550 |
| E | Adjusted Minimum Tax @18.5% of D | 21561.75 |
| b. | ||
| $ | ||
| Amount that T actually has to pay | 21561.75 |
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13-19 Alternative Minimum Tax-Computation. T is single and has taxable income of $56,550 and a regular...
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?
2. Your client, who has a taxable income of $200.000, is concerned about being subject to alternative minimum tax (...
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Generally, the tax rate that applies to the unearned income of a minor under the kiddie tax in 2018 is: a.The same as the head of household rate. b.The same as the parents' tax rate. c.The unearned income of a minor is not taxed. d.The same as the single taxpayer rate. e.The same as the trust and estate rate Which of the following is not a tax preference or adjustment item for the individual alternative minimum tax computation? a.State income...
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...
Ray Rayburn, a calendar-year taxpayer, has a regular tax liability of $15000 in 2019. He has...
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Owl is a closely held corporation owned by 8 shareholders (each has 12.5% of the stock)....
Owl is a closely held corporation owned by 8 shareholders (each
has 12.5% of the stock). Selected financial information provided by
Owl follows:
Taxable income $6,250,000
Positive AMT adjustments (excluding ACE adjustment) 600,000
Negative AMT adjustments (30,000) Tax preferences 5,000,000
Retained earnings 900,000 Accumulated E & P 2,000,000
ACE adjustment 750,000
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$ Alternative minimum taxable income (AMTI):
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Problem 12-52 (LO. 2, 3, 4, 5) Lynn, age 45, is single and has no dependents....
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For 2019 Annita has gross income of $100,000 and deduction of $160,000 for regular tax purposes....
For 2019 Annita has gross income of $100,000 and deduction of $160,000 for regular tax purposes. What are the tax consequences to Annita in the current year? Would the result have any impact on Annita’s tax liability in the prior year if it had taxable income in that year of $50,000? Suppose that for the following year Annita has taxable income from all activities in that year of 30,000. Assume the tax rate is a flat 21% of taxable income....
For 2019 Bagco has gross income of $100,000 and deduction of $160,000 for regular tax purposes....
For 2019 Bagco has gross income of $100,000 and deduction of $160,000 for regular tax purposes. What are the tax consequences to Bagco in the current year CY? Would the result have any impact on Bagco’s tax liability in the prior year (PY) if it had taxable income in that year of $50,000 Suppose that for the following year (CY+1) Bagco has taxable income from all activities in that year of 30,000. Assume the tax rate is a flat 21%...
2. Your client, who has a taxable income of $200.000, is concerned about being subject to alternative minimum tax (AMT). The following income and deductions were included in compung taxable income. Select the one item that may be added to (or subtracted from regular taxable income in calculating the AMT. a. A long-term capital gain of $90,000. b. A cash contribution to your client's church of $18,000. c. Dividend income of $80,000. d. A state income tax deduction of $8,000....
Owl is a closely held corporation owned by 8 shareholders (each
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Owl follows:
Taxable income $6,250,000
Positive AMT adjustments (excluding ACE adjustment) 600,000
Negative AMT adjustments (30,000) Tax preferences 5,000,000
Retained earnings 900,000 Accumulated E & P 2,000,000
ACE adjustment 750,000
a. If Owl is a C corporation, compute the following:
Regular Federal income tax liability:
$ Alternative minimum taxable income (AMTI):
Alternate minimum tax (AMT):
Please provide the calculations....
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