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Calculate cypress corporations alternative tax liability

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Reference no: EM131782688

Problem

Cypress Corporation has regular taxable income of $170,000 (assume annual gross receipts are greater than $5 million) and a regular tax liability of $49,550 for 2015. The corporation also has tax preference items amounting to $105,000. Calculate Cypress Corporation's alternative minimum tax liability. Assume Cypress Corporation is not a "small corporation" for AMT purposes.

Reference no: EM131782688

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