Please help with the following accounting problem.
Margolin Corporation has regular taxable income of $120,000. It has positive adjustment of $90,000, preference items of $50,000 and negative adjustments of $40,000. What is its alternative minimum tax?
Please use an Excel spreadsheet for the solution.© BrainMass Inc. brainmass.com June 4, 2020, 2:07 am ad1c9bdddf
Please see the attached Excel 97-2003 spreadsheet for format and formulas.
What is Gigantic Corporation's net tax liability if its taxable income is $325,000 and it has a general business credit of $125,000?
Taxable income $325,000
Bracket Income in Bracket Tax rate Tax
$0-$50,000 $50,000 15% $7,500
$50,000-$75,000 25,000 25% ...
The following posting helps with an accounting problem. This solution illustrates how to compute a corporation's regular income tax and AMT. The explanation is given in an Excel spreadsheet.