QDP Corporation’s AMTI is $577,500 for 2015April 15th, 2017
) QDP Corporation’s AMTI is $577,500 for 2015. Its regular tax liability is $114,250. What is its AMT?
8.) TerraWise Inc. reported the following information for 2015:
Regular taxable income $5,750,000
Regular depreciation $875,000
ATM depreciation $635,000
Adjusted basis of equipment sold – Regular $101,300
Adjusted basis of equipment sold – AMT $145,200
Income from a private-activity municipal bond issued in 2006 $51,500
Unfavorable ACE adjustment $41,500
What is TerraWise Inc.’s AMTI?
10.) In 2015, AutoUSA Inc. received $5,700,000 of book income, including $31,000 of interest income from tax-exempt municipal bonds. AutoUSA reported $4,700,000 of regular business expenses. If it made $361,000 of estimated tax payments (prepayments) throughout the tax year, what is its tax due or tax refund when it files its return? Assume AutoUSA pays taxes at a flat 34 percent rate and disregard the alternative minimum tax.