C12-Chp-03-3-Illustrations-CORP-AMT

C12-Chp-03-3-Illustrations-CORP-AMT - Tab Short Example...

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Tab: Short Example File: 8f5c1c47758139f1679123c81b7087887432009f.xls Page: Page 1 Alternative Minimum Tax Worksheet Tax Return Information GAAP 1120 AMTI ACE 1 Sales $500,000 $500,000 $500,000 500,000 2 Cost of Sales (200,000) (200,000) (200,000) (200,000) 3 Gross Margin 300,000 300,000 300,000 300,000 4 Expenses (100,000) (100,000) (100,000) (100,000) 5 Operating income 200,000 200,000 200,000 200,000 6 Private activity bond interest 250,000 250,000 250,000 7 Net income / Taxable Income / AMTI / ACE $450,000 $200,000 $450,000 $450,000 8 9 Regular Tax Computation 10 First $50,000 $50,000 15% 7,500 11 Next $25,000 25,000 25% 6,250 12 Next $25,000 25,000 34% 8,500 13 Excess 100,000 39% 39,000 14 Excess 34% 15 Regular Federal Income Tax $61,250 16 Compute Alternative Minimum Tax 17 Regular taxable income before NOL deduction $200,000 18 Plus/minus: AMT adjustments (except ACE adjust.) (Examples??) 19 Plus: Tax preferences (Examples??) 20 Private activity bond interest 250,000 21
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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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C12-Chp-03-3-Illustrations-CORP-AMT - Tab Short Example...

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