Jackson, Inc., has the following items related to the AMT. $$\begin{array} { l l }
\text { Alternative minimum tax base } & \$ 9,850,290 \
\text { Regul ar tax } & 1,120,152 \
\text { Foreign AMT tax credit } & 123,000 \
\text { Cost of goods sold } & 2,000,000
\end{array}$$ The corporation's AMT, if any, is:

Question

Jackson, Inc., has the following items related to the AMT. $$\begin{array} { l l } 
\text { Alternative minimum tax base } & \$ 9,850,290 \
\text { Regul ar tax } & 1,120,152 \
\text { Foreign AMT tax credit } & 123,000 \
\text { Cost of goods sold } & 2,000,000
\end{array}$$ The corporation's AMT, if any, is:

Quizplus · Accepted Answer

The AMT is calculated as 20% of the AMT base, which is $9,850,290 * 20% = $1,970,058. Subtract the regular tax of $1,120,152 and the foreign AMT tax credit of $123,000, resulting in an AMT of $726,906.

Jackson, Inc The Corporation's AMT, If Any, Is: A)$0

Jackson, Inc The Corporation's AMT, If Any, Is:
A)$0