Knoxville musical sales reports taxable income of 2 million

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Reference no: EM13576501

Knoxville Musical Sales reports taxable income of $2 million, tax preference items of $100,000, net positive alternative minimum taxable income (AMTI) adjustments of $600,000 before ACE adjustments, and ACE of $4 million. Knoxville Musical Sales is not eligible for the small corporation exception and has no AMT adjustment for the U.S. production activities deduction.

Calculate the regular tax liability and the AMT liability. Submit all your calculations for this assignment.

Reference no: EM13576501

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