Grumond was incorporated on January 1, 2010, and adopted a calendar year for tax purposes. It had the following gross receipts for its first six taxable years: $$\begin{array} { l l }
2011 & \$ 4,500,000 \
2012 & 8,200,000 \
2013 & 7,000,000 \
2014 & 9,900,000 \
2015 & 5,000,000 \
2016 & 4,000,000
\end{array}$$ For which of these years is Grumond exempt from AMT?

Question

Grumond was incorporated on January 1, 2010, and adopted a calendar year for tax purposes. It had the following gross receipts for its first six taxable years: $$\begin{array} { l l } 
2011 & \$ 4,500,000 \
2012 & 8,200,000 \
2013 & 7,000,000 \
2014 & 9,900,000 \
2015 & 5,000,000 \
2016 & 4,000,000
\end{array}$$ For which of these years is Grumond exempt from AMT?

Quizplus · Accepted Answer

The AMT exemption amount for corporations is $1 million for 2011, $1.1 million for 2012, $1.2 million for 2013, and $1.3 million for 2014. Grumond's gross receipts were below these amounts for the years 2011, 2012, 2013, and 2014.

Grumond Was Incorporated on January 1, 2010, and Adopted a Calendar