McGraw-Hill's Taxation of Business Entities 3rd Edition by Connie Weaver, Brian Spilker, Edmund Outslay, John Robinson, Ronald Worsham, Benjamin Ayers, John Barrick

تمرين 16

For the current year, CCP Inc. received the following interest income:
• $12,000 interest from Irvine City bonds: Bonds issued in 2006 and proceeds used to fund public schools.
• $20,000 interest from Fluor Corporation bonds.
• $8,000 interest from Mission Viejo City: Bonds issued in 2008 and proceeds used to lure new business to the area.• $6,000 interest from U.S. Treasury notes.
a. What amount of this interest income is taxable to CCP
b. What amount of interest should CCP report as a preference item when calculating its alternative minimum tax liability