Reference no: EM131886667
Question: In 2016, Auto USA received $4,600,000 of book income, including $20,000 of interest income from tax-exempt municipal bonds for a private activity in 2009.
Depreciation for Financial accounting 50,000, but Auto USA uses MACRS for tax so the depreciation is 80,000 for Regular tax, 60,000 is the depreciation for Alternative minimum tax, and 50,000 for ACE.
AutoUSA reported $3,600,000 of regular business expenses, and 500,000 of Meals and Entertainment, for Financial purposes.
Additionally, there was $100,000 of life insurance proceeds collected in the current year, and 5,000 of life insurance premiums were also paid in the current year.
What is its tax due when it files its return, assuming no payments were made throughout the year? (ignore the estimated tax penalty for this problem) Assume AutoUSA pays taxes at a flat 34 percent rate for regular tax purposes.
Include all Forms in computing the ACE worksheet and the alternative minimum tax forms only-no other tax forms are to be included.
clearly identify the following amounts:
a) Taxable income and Reg. tax liability
b) AMTI(you must tell me the amt of the ACE adjustment and whether it is positive or negative)
c) AMT base
d) Tentative Minimum tax
e) Alternative Minimum tax
f) Total Tax liability
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