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Unformatted text preview: 1,000,000 Dividends received (less than 20% ownership) 200,000 Tax-exempt interest income 3,000,000 Operating expenses (4,071,800) Charitable contribution (100,000) NOL carry forward (4,500,000) In addition, TAMU: reports that the tax exempt bonds were issued by the local county government to pay for the construction of new police & fire stations and road construction (issued in 2005) owns an office building with a depreciable basis of $5,000,000 (acquired in 1997) has an AMT NOL carry forward $4,000,000 sold land on the installment basis reporting 40% of the gain in 2009 Required : [a] Compute TAMUs taxable income and regular income tax. [b] Compute TAMU's adjusted current earnings. [c] Compute TAMU's alternative minimum taxable income and AMT, if any....
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- Fall '08