Law question data bank
291. CHAPTER
3âCORPORATIONS: SPECIAL SITUATIONS Question PR #9
A retail company has the following items related to AMT.
Alternative
minimum taxable base
$98,502,900
Regular tax
11,202,098
Foreign AMT
tax credit
1,400,000
Calculate the companyâs AMT, if any.
292. CHAPTER
3âCORPORATIONS: SPECIAL SITUATIONS Question PR #10
In each of the following independent situations, calculate accumulated taxable
income, if any. Assume the corporation is not a mere holding or investment
company.
Copper Corporation
Bronze Corporation
Taxable
income
$150,000
$500,000
Accrued
Federal income taxes
41,750
170,000
Capital loss
adjustment
2,000
Net LTCG
42,000
Tax on LTCG
14,280
Charitable
contributions in excess of 10%
15,000
NOL
deduction
24,000
70%
dividends received deduction
35,000
Dividends
paid deduction
7,200
18,000
Accumulated
earnings credit
44,000
92,500
293. CHAPTER
3âCORPORATIONS: SPECIAL SITUATIONS Question PR #11
a. Calculate the personal holding
company tax in 2011 based upon the following information.
Taxable
income
$520,000
Dividends
received deduction
46,000
Excess
charitable contributions
23,400
Dividends
paid
52,000
Federal
income taxes
177,375
b.
Calculate
the effective tax rate of this company.
294. CHAPTER
3âCORPORATIONS: SPECIAL SITUATIONS Question ES #1
Why is the DPAD benefit somewhat unique?
295. CHAPTER
3âCORPORATIONS: SPECIAL SITUATIONS Question ES #2
Explain the wages limitation.
296. CHAPTER
3âCORPORATIONS: SPECIAL SITUATIONS Question ES #3
Explain the expanded affiliated group (EAG) rules.
297. CHAPTER
3âCORPORATIONS: SPECIAL SITUATIONS Question ES #4
How is DPAD handled in an S corporation or a partnership situation?
298. CHAPTER
3âCORPORATIONS: SPECIAL SITUATIONS Question ES #5
What are some of the differences (at least three) between the application of
the AMT for individuals and corporations?
299. CHAPTER
3âCORPORATIONS: SPECIAL SITUATIONS Question ES #6
With respect to the AMT, what is the minimum tax credit?
300. CHAPTER
3âCORPORATIONS: SPECIAL SITUATIONS Question ES #7
What is personal holding company income?
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