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Unformatted text preview: Plus: Tan's AMT ($240,000 - 210,000)
**Plus: Tan's PHC tax
Tan's tax liability $210,000
$305,000 *Tan will pay alternative minimum tax (AMT) to the extent that AMT exceeds regular tax.
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Becker CPA Review, PassMaster Questions
Lecture: Regulation 3 **Tan will pay personal holding company tax in addition to its regular and alternative minimum taxes.
Choices "a", "b", and "c" are incorrect, per the above explanation. CPA-04758 Type1 M/C A-D Corr Ans: C PM#87 R 3-01 68. CPA-04758 Released 2005 Page 3
Dole, the sole owner of Enson Corp., transferred a building to Enson. The building had an adjusted tax
basis of $35,000 and a fair market value of $100,000. In exchange for the building, Dole received
$40,000 cash and Enson common stock with a fair market value of $60,000. What amount of gain did
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This note was uploaded on 06/14/2013 for the course ACCOUNTING Regulation taught by Professor Becker during the Fall '10 term at Keller Graduate School of Management.
- Fall '10
- The Land