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Discuss gross receipts and taxable income

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Reference no: EM131784224

Aqua, Inc., a calendar year corporation, has the following gross receipts and taxable income for 2013-2016:

          Year            Gross Receipts          Taxable Income
          2013              $6,000,000                 $1,400,000
          2014                7,000,000                   1,312,000
          2015                7,500,000                      985,000
          2016                7,200,000                   1,002,000

Aqua's first year of operations was 2013.  Is Aqua exempt from AMT in any of its first four years of operation? Explain.

Reference no: EM131784224

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