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 4?
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n year 1, GSL Corp.’s alternative minimum tax base was
$2,000,000 and its regular tax liability...
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.
Ray Rayburn, a calendar-year taxpayer, has a regular tax liability of $15000 in 2019. He has...
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true or false 10. The individual alternative minimum tax liability may not exceed the regular tax...
true or false
10. The individual alternative minimum tax liability may not exceed the regular tax liability of the taxpayer. 11. When taxpayers overpay FICA taxes, the excess taxes may be claimed as a credit against tax lia bility 12. Gambling winnings must be reported to the IRS using form 1099 13. Dividend income is not subject to the self-employment tax 14. The FUTA tax is a voluntary unemployment tax which an employer may or may not wish to contribute...
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Compute MV Corp. 2019 taxable income given the following info relating to its year 1 activities....
Compute MV Corp. 2019 taxable income given the following info
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assuming that MV’s federal income tax expense for book purposes is
$100,000.
Gross profit from inventory sales of $500,000 (no book–tax
differences)
Dividends MV received from 25 percent-owned corporation of
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distributing corporation’s earnings).
Expenses other than DRD, charitable contribution, and
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Required information [The following information applies to the questions displayed below.] In 20...
Required information
[The following information applies to the questions
displayed below.]
In 2018, Juanita is married and files a joint tax return with her
husband. What is her tentative minimum tax in each of the following
alternative circumstances? (Use the Dividends and capital gains tax
rates.) (Input all values as positive. Leave no answer
blank. Enter zero if applicable.)
a. Her AMT base is $161,000, all ordinary
income.
d. Her AMT base is $310,000, which includes
$32,200 of qualified dividends....
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.
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true or false
10. The individual alternative minimum tax liability may not exceed the regular tax liability of the taxpayer. 11. When taxpayers overpay FICA taxes, the excess taxes may be claimed as a credit against tax lia bility 12. Gambling winnings must be reported to the IRS using form 1099 13. Dividend income is not subject to the self-employment tax 14. The FUTA tax is a voluntary unemployment tax which an employer may or may not wish to contribute...
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relating to its year 1 activities. Also, compute MV’s Schedule M-1
assuming that MV’s federal income tax expense for book purposes is
$100,000.
Gross profit from inventory sales of $500,000 (no book–tax
differences)
Dividends MV received from 25 percent-owned corporation of
$100,000 (assume this is also MV’s pro rata share of the
distributing corporation’s earnings).
Expenses other than DRD, charitable contribution, and
net operating loss (NOL), are $350,000 (no book–tax...
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Required information
[The following information applies to the questions
displayed below.]
In 2018, Juanita is married and files a joint tax return with her
husband. What is her tentative minimum tax in each of the following
alternative circumstances? (Use the Dividends and capital gains tax
rates.) (Input all values as positive. Leave no answer
blank. Enter zero if applicable.)
a. Her AMT base is $161,000, all ordinary
income.
d. Her AMT base is $310,000, which includes
$32,200 of qualified dividends....
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