Reference no: EM13863931
Corporation Special Situations and Organization Structure
Tarass Inc. is an accrual-method calendar-year corporation. Tarass, Inc. did not qualify for the domestic production
activities deduction. The following information has been provided about the activities occurring in 2013:
Reported on the financial statement - income after taxes $2,585,000
Life insurance proceeds from CFO's death $100,000
Revenue from sales $3,500,000
Key-person life insurance policies premium $15,000
Cost of goods sold (reported on book) $275,000
MACRS depreciation $65,000
Book depreciation $440,000
AMT depreciation $60,000
Interest income on private activity tax-exempt bonds $25,000
Interest paid on loan to purchase tax-exempt bonds $25,000
Net capital loss $35,000
Rental income received and earned in 2013 $5,000
Rental income received in 2012 but earned in 2013 $10,000
Rental income received in 2013 but not earned $5,000
Overhead costs expensed for financial reporting but are included in ending inventory for tax purposes under 263A $45,000
Overhead costs expensed for financial reporting in 2012 but included in 2012 ending inventory. All 2012 ending inventory was sold in 2013. $0
Charitable contributions $315,000
Federal income tax expense reported on financial statements $350,000
Using the information provided, complete the following tasks:
1. Using Excel, prepare a reconciliation of book income and tax income. Set up the Excel spreadsheet using the example below:
2. Calculate Tarass Inc.'s tax liability for 2013. The calculation must be shown to receive full credit.
3. Calculate Tarass Inc.'s alternate minimum tax for 2013, if any applies. The calculation must be shown to receive full credit.
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