Purchase Solution

Tentative Minimum Tax

Not what you're looking for?

Ask Custom Question

The Purple Trust incurred the following items this year.

Taxable interest income 80,000
Tax-exempt interest income, not on private activity bonds 60,000
Tax-exempt interest income, on private activity bonds 40,000

Compute Purple's tentative minimum tax for the year. Purple does not have any credits available to reduce the AMT liability.

Purchase this Solution
Solution Summary

The expert examines tentative minimum tax.

Purchase this Solution
Free BrainMass Quizzes
MS Word 2010-Tricky Features

These questions are based on features of the previous word versions that were easy to figure out, but now seem more hidden to me.

Situational Leadership

This quiz will help you better understand Situational Leadership and its theories.

Employee Orientation

Test your knowledge of employee orientation with this fun and informative quiz. This quiz is meant for beginner and advanced students as well as professionals already working in the HR field.

Motivation

This tests some key elements of major motivation theories.

Business Processes

This quiz is intended to help business students better understand business processes, including those related to manufacturing and marketing. The questions focus on terms used to describe business processes and marketing activities.

View More Free Quizzes
Related BrainMass Solutions

  • Compute their tentative minimum tax

    Compute their tentative minimum tax. The alternative minimum tax rates are 26% for the first $175,000 of alternative minimum taxable income (AMTI) and 28% for AMT income over $175,000. $187,500 - $48,625 = $138,875 x 26% = $36,107.50 ?

  • Liquidation, costs of offering, partnership formation, taxable income

    tax income 6,900,000 Tentative minimum tax base 20% Tentative minimum tax 1,380,000 Regular tax liability 34% * 4,000,000 1,360,000 Alternative minimum tax 20,000 Question 11 Tentative minimum tax: Brant Corporation: $170,000 * 20% = $ 34,000

  • Computing Regular Corporate Tax and Corporate AMT

    rate 20% Tentative minimum tax $36,000 Income tax: Bracket Income in Bracket Tax rate Tax $0-$50,000 $50,000 15% $7,500 $50,000-$75,000 25,000 25% $6,250 $75,000-$100,000 25,000 34% $8,500 $100,000-$335,000 20,000

  • This posting thoroughly discusses the AMT.

    The purpose of the AMT for corporations is to ensure that corporations pay at least a minimum amount of tax on economic income. A corporation is liable for AMT if its tentative minimum tax is more than its regular tax.

  • Calculating Corporate Income Tax

    602656 Calculating Corporate Income Tax In each of the following independent situations, determine the tentative minimum tax (assume that the companies are not a small corporation): Amti (before the exemption amount): Arleen corporation $160,000

  • Beatrice's AMT

    99287 Beatrice's regular income tax liability is $170,000 and her tentative AMT is $240,000. Beatrice's AMT is: Beatrice's regular income tax liability is $170,000 and her tentative AMT is $240,000. Beatrice's AMT is: a. $0. b.

  • Income Tax Accounting Problems

    a. $2,500 for AGI b. $2,500 from AGI c. $3,800 from AGI d. $3,800 for AGI (5) Ann's tentative minimum tax is computed by multiplying the AMT tax rates by her a. alternative minimum taxable income. b. taxable income.

  • 10 Multi choice tax questions

    Her net income tax is $125,000, her net regular tax liability before the general business credit is $125,000, and her tentative minimum tax is $100,000. She has no other tax credits. What is Carol's allowable general business credit for the year?

  • Taxation topics: AMT, deductions, casualty, like kind exchange, depreciation

    Calculate her alternative minimum tax, if any, given the following additional information.

View More Related Solutions