n year 1, GSL Corp.’s alternative minimum tax base was $2,000,000 and its regular tax liability...
n year 1, GSL Corp.’s alternative minimum tax base was $2,000,000 and its regular tax liability is $350,000. a. What is GSL’s total tax liability for years 1, 2, 3, and 4 (by year) assuming the following? Year 2: AMT base $600,000; Regular tax liability $100,000. Year 3: AMT base $500,000; Regular tax liability $160,000. Year 4: AMT base $1,000,000; Regular tax liability $150,000.
b. What, if any, the minimum tax credit does GSL have at the end of year 4?
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n year 1, GSL Corp.’s alternative minimum tax base was
$2,000,000 and its regular tax liability...
13-19 Alternative Minimum Tax-Computation. T is single and has taxable income of $56,550 and a regular...
13-19 Alternative Minimum Tax-Computation. T is single and has taxable income of $56,550 and a regular tax liability of $8,380.50 for the current year. T uses the standard deduction for regular tax purposes and has $60,000 of positive adjustments (excluding the adjustment for the standard deduction) for AMT purposes. a. Determine T's tentative minimum tax and her AMT. b. Determine the amount that T actually has to pay the IRS this year.
Ray Rayburn, a calendar-year taxpayer, has a regular tax liability of $15000 in 2019. He has...
Ray Rayburn, a calendar-year taxpayer, has a regular tax liability of $15000 in 2019. He has an AMT credit carried over from 2018 of $8000. His tentative minimum tax for 2019 is $12000. What is the amount of minimum tax credit can Ray use in 2019?
EXHIBIT 25-1 Unified Transfer Tax Rates* Not Over $10,000 20,000 Tax Base Equal to or Over...
EXHIBIT 25-1 Unified Transfer Tax Rates* Not Over $10,000 20,000 Tax Base Equal to or Over $ 0 10,000 20,000 40,000 60,000 80,000 Plus 18% 20 22 of Amount Over $ 0 10,000 40,000 20,000 24 Tentative Tax $ 0 1,800 3,800 8,200 13,000 18,200 23,800 38,800 70,800 155,800 248,300 345,800 40,000 60,000 80,000 100,000 60,000 80,000 100,000 150,000 250,000 500,000 750,000 1,000,000 100,000 150,000 150,000 250,000 1 34 250,000 500,000 37 500,000 750,000 39 750,000 1,000,000 1,000,000 40 *The...
true or false 10. The individual alternative minimum tax liability may not exceed the regular tax...
true or false
10. The individual alternative minimum tax liability may not exceed the regular tax liability of the taxpayer. 11. When taxpayers overpay FICA taxes, the excess taxes may be claimed as a credit against tax lia bility 12. Gambling winnings must be reported to the IRS using form 1099 13. Dividend income is not subject to the self-employment tax 14. The FUTA tax is a voluntary unemployment tax which an employer may or may not wish to contribute...
Mark for follow up Question 8 of 75. 83536 The alternative minimum tax (AMT) for corporations...
Mark for follow up Question 8 of 75. 83536 The alternative minimum tax (AMT) for corporations is: O 20%. 20% but with an exemption of $40,000. O 30%. O AMT for corporations has been repealed. OMark for follow up 83538 OMMaik lor follow up 83538 Question 9 of 75. Dawson, Inc., had regular tax due of $35,000 for the tax year ending December 31, 2018. It also had $60,000 of AMT credit carried for years and available in 2018. What...
Compute MV Corp. 2019 taxable income given the following info relating to its year 1 activities....
Compute MV Corp. 2019 taxable income given the following info
relating to its year 1 activities. Also, compute MV’s Schedule M-1
assuming that MV’s federal income tax expense for book purposes is
$100,000.
Gross profit from inventory sales of $500,000 (no book–tax
differences)
Dividends MV received from 25 percent-owned corporation of
$100,000 (assume this is also MV’s pro rata share of the
distributing corporation’s earnings).
Expenses other than DRD, charitable contribution, and
net operating loss (NOL), are $350,000 (no book–tax...
Knapsack problem. From the following list of potential projects, use Excel solver to find the opt...
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2. Your client, who has a taxable income of $200.000, is concerned about being subject to alternative minimum tax (...
2. Your client, who has a taxable income of $200.000, is concerned about being subject to alternative minimum tax (AMT). The following income and deductions were included in compung taxable income. Select the one item that may be added to (or subtracted from regular taxable income in calculating the AMT. a. A long-term capital gain of $90,000. b. A cash contribution to your client's church of $18,000. c. Dividend income of $80,000. d. A state income tax deduction of $8,000....
In its first year of existence (year 1), Willow Corp. (a C corporation) reports a loss for tax purposes of $50,000. In...
In its first year of existence (year 1), Willow Corp. (a C corporation) reports a loss for tax purposes of $50,000. In year 2 it reports a $40,000 loss. For year 3, it reports taxable income from operations of $100,000 before any loss carryovers. How much tax will Willow Corp. pay in year 3, what is its NOL carryover to year 4, and when will the NOL expire under the following assumptions? (New Corporate income tax rate has been mentioned...
Required information [The following information applies to the questions displayed below.] In 20...
Required information
[The following information applies to the questions
displayed below.]
In 2018, Juanita is married and files a joint tax return with her
husband. What is her tentative minimum tax in each of the following
alternative circumstances? (Use the Dividends and capital gains tax
rates.) (Input all values as positive. Leave no answer
blank. Enter zero if applicable.)
a. Her AMT base is $161,000, all ordinary
income.
d. Her AMT base is $310,000, which includes
$32,200 of qualified dividends....
13-19 Alternative Minimum Tax-Computation. T is single and has taxable income of $56,550 and a regular tax liability of $8,380.50 for the current year. T uses the standard deduction for regular tax purposes and has $60,000 of positive adjustments (excluding the adjustment for the standard deduction) for AMT purposes. a. Determine T's tentative minimum tax and her AMT. b. Determine the amount that T actually has to pay the IRS this year.
EXHIBIT 25-1 Unified Transfer Tax Rates* Not Over $10,000 20,000 Tax Base Equal to or Over $ 0 10,000 20,000 40,000 60,000 80,000 Plus 18% 20 22 of Amount Over $ 0 10,000 40,000 20,000 24 Tentative Tax $ 0 1,800 3,800 8,200 13,000 18,200 23,800 38,800 70,800 155,800 248,300 345,800 40,000 60,000 80,000 100,000 60,000 80,000 100,000 150,000 250,000 500,000 750,000 1,000,000 100,000 150,000 150,000 250,000 1 34 250,000 500,000 37 500,000 750,000 39 750,000 1,000,000 1,000,000 40 *The...
true or false
10. The individual alternative minimum tax liability may not exceed the regular tax liability of the taxpayer. 11. When taxpayers overpay FICA taxes, the excess taxes may be claimed as a credit against tax lia bility 12. Gambling winnings must be reported to the IRS using form 1099 13. Dividend income is not subject to the self-employment tax 14. The FUTA tax is a voluntary unemployment tax which an employer may or may not wish to contribute...
Mark for follow up Question 8 of 75. 83536 The alternative minimum tax (AMT) for corporations is: O 20%. 20% but with an exemption of $40,000. O 30%. O AMT for corporations has been repealed. OMark for follow up 83538 OMMaik lor follow up 83538 Question 9 of 75. Dawson, Inc., had regular tax due of $35,000 for the tax year ending December 31, 2018. It also had $60,000 of AMT credit carried for years and available in 2018. What...
Compute MV Corp. 2019 taxable income given the following info
relating to its year 1 activities. Also, compute MV’s Schedule M-1
assuming that MV’s federal income tax expense for book purposes is
$100,000.
Gross profit from inventory sales of $500,000 (no book–tax
differences)
Dividends MV received from 25 percent-owned corporation of
$100,000 (assume this is also MV’s pro rata share of the
distributing corporation’s earnings).
Expenses other than DRD, charitable contribution, and
net operating loss (NOL), are $350,000 (no book–tax...
2. Your client, who has a taxable income of $200.000, is concerned about being subject to alternative minimum tax (AMT). The following income and deductions were included in compung taxable income. Select the one item that may be added to (or subtracted from regular taxable income in calculating the AMT. a. A long-term capital gain of $90,000. b. A cash contribution to your client's church of $18,000. c. Dividend income of $80,000. d. A state income tax deduction of $8,000....
In its first year of existence (year 1), Willow Corp. (a C corporation) reports a loss for tax purposes of $50,000. In year 2 it reports a $40,000 loss. For year 3, it reports taxable income from operations of $100,000 before any loss carryovers. How much tax will Willow Corp. pay in year 3, what is its NOL carryover to year 4, and when will the NOL expire under the following assumptions? (New Corporate income tax rate has been mentioned...
Required information
[The following information applies to the questions
displayed below.]
In 2018, Juanita is married and files a joint tax return with her
husband. What is her tentative minimum tax in each of the following
alternative circumstances? (Use the Dividends and capital gains tax
rates.) (Input all values as positive. Leave no answer
blank. Enter zero if applicable.)
a. Her AMT base is $161,000, all ordinary
income.
d. Her AMT base is $310,000, which includes
$32,200 of qualified dividends....
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