Chev Corporation,a calendar year corporation,has alternative minimum taxable income (before any exemption)of $1.28 million for 2008.The company is not a small corporation.If the regular corporate tax is $209,000,Chev's alternative minimum tax for 2008 is:

Question

Quizplus · Accepted Answer

$47,000.The exemption amount is zero.Tentative minimum tax is $256,000 ($1.28 million times 20%).Thus,the AMT liability is $256,000,less the regular tax liability of $209,000,or $47,000.

Chev Corporation,a Calendar Year Corporation,has Alternative Minimum Taxable Income (Before