View the step-by-step solution to:

33. LO.2 In each of the following independent situations, determine the DPAD for 2012 for the corporation involved. (Jr. 3-35) * Does not include a

answer problem
33. LO.2 In each of the following independent situations, determine the DPAD for 2012 for the corporation involved. (Jr. 3-35) * Does not include a $100,000 NOL carryover from the previous year. ** Only $60,000 relates directly to manufacturing activities. (Jr. 3-35) 45. LO.1, 2, 5 The Ryan LLC has two equal members in the 35% marginal tax bracket. If the LLC has QPAI of $13 million in 2011 and $11 million in 2012, what would be the maximum tax savings for this LLC and its members? 46. LO.6 Vorhies, Inc., a calendar year corporation that was created in January 2008, has gross receipts as follows: Year Gross Receipts 2008 $3,250,000 2009 3,700,000 2010 4,950,000 2011 7,800,000 2012 9,200,000 a. Does Vorhies, Inc., qualify for the small corporation exemption for each year? Explain. b. If Vorhies’s gross receipts fall to $8.6 million for 2013, would Vorhies qualify for the small corporation exemption in 2014? Explain. (Jr. 3-36-3-37) 47. LO.6, 7 For 2012, Apple Corporation (a calendar year integrated oil company) had the following transactions: Taxable income $4,000,000 Regular tax depreciation on realty in excess of ADS (placed in service in 1989)
Background image of page 1
1,700,000 Excess intangible drilling costs 500,000 Percentage depletion in excess of the property’s adjusted basis 700,000 Assume no ACE adjustment. a. Determine Apple Corporation’s AMTI for 2012. b. Determine the tentative minimum tax base (refer to Figure 3.2). c. Determine the tentative minimum tax. d. What is the amount of any AMT? (Jr. 3-37)
Background image of page 2
Sign up to view the entire interaction

Top Answer

Here is the solution... View the full answer

8438768.doc

33.
LO.2 In each of the following independent situations, determine the DPAD for 2012 for
the corporation involved. (Jr. 3-35) * Does not include a $100,000 NOL carryover from the previous year. **...

Sign up to view the full answer

Why Join Course Hero?

Course Hero has all the homework and study help you need to succeed! We’ve got course-specific notes, study guides, and practice tests along with expert tutors.

-

Educational Resources
  • -

    Study Documents

    Find the best study resources around, tagged to your specific courses. Share your own to gain free Course Hero access.

    Browse Documents
  • -

    Question & Answers

    Get one-on-one homework help from our expert tutors—available online 24/7. Ask your own questions or browse existing Q&A threads. Satisfaction guaranteed!

    Ask a Question
Ask a homework question - tutors are online