Lilly is single and reports zero taxable income for 2019.She incurs positive AMT timing adjustments of $600,000 and
AMT preferences of $200,000.
a.Calculate Lilly's tentative minimum tax (TMT).
b.Calculate Lilly's AMT credit carryover to 2020.

Question

Quizplus · Accepted Answer

The Answer of Lilly is single and reports zero taxable income for 2019.She incurs positive AMT timing adjustments of $600,000 and
AMT preferences of $200,000.
a.Calculate Lilly's tentative minimum tax (TMT).
b.Calculate Lilly's AMT credit carryover to 2020.

Lilly Is Single and Reports Zero Taxable Income for 2019