Timpanogos Inc. is an accrual-method calendar-year corporation. For 2017, it reported financial statement
income after taxes of $1,152,000. Timpanogos provided the following information relating to its 2017
Timpanogos did not qualify for the domestic production activities deduction.
Reconcile book income to taxable income for Timpanogos Inc. Be sure to start with book income.
Identify each book-tax difference as either permanent (P) or temporary (T).
Complete Schedule M-1 for Timpanogos.
Compute Timpanogos, Inc.’s regular tax liability for 2017.
Determine Timpanogos’s alternative minimum tax, if any.