C12-Chp-03-3-AMT-Worksheet

C12-Chp-03-3-AMT-Worksheet - $10,000 10 Tentative...

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Tab: Short Example File: 1907574f70d6e534df03e2d53cb3817f3620b7aa.xls Alternative Minimum Tax Worksheet Corporate taxpayer reports the following for the year: Sales revenue $500,000 Deductible expenses 400,000 Taxable Income 100,000 Positive AMT Adjustments 170,000 No preferences, No U.S. Production adj., No ACE Adjust. What is regular income tax? What is AMT? 1 Regular taxable income before NOL deduction $100,000 2 Plus/minus: AMT adjustments (except ACE & U.S. Prod.) $170,000 3 Plus: Tax preferences (Private activity bond interest, Etc.) 4 270,000 5 Plus/minus: ACE adjustment (75% of ACE minus AMTI) 6 Minus: AMT NOL deduction 7 Minus: Adjustment for U.S. Production Activities Deduction 8 Alternative minimum taxable income (AMTI) 270,000 9 Minus: Exemption (See Computation Below)
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Unformatted text preview: $10,000 10 Tentative alternative minimum tax base 260,000 11 Times: 20% rate 20% 12 Tentative AMT before credits 52,000 13 Minus: AMT foreign tax credit 14 Tentative minimum tax 52,000 15 Minus: Regular tax liability (22,250) 16 Alternative minimum tax (AMT) $29,750 17 Exemption Computation 18 Tentative Exemption $40,000 19 AMTI (Alternative Min, Taxable Income) 270,000 20 Threshold ($150,000) 150,000 21 Excess 120,000 22 Percentage 25% 23 Reduction in exemption - 25% of excess 30,000 24 Exemption Allowed $10,000 25 Regular Tax Computation Layers Rate Tax 26 First $50,000 $50,000 15% 7,500 27 Next $25,000 25,000 25% 6,250 28 Next $25,000 25,000 34% 8,500 29 Excess 39%- 30 Excess 34% 31 Tax. Income /Regular Income Tax $100,000 $22,250...
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This note was uploaded on 03/09/2012 for the course ACCT 6120 taught by Professor Godfrey,h during the Spring '08 term at UNC Charlotte.

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