Lilly is single and reports zero taxable income for 2016.She has positive AMT timing adjustments of $600,000 and AMT exclusions of $200,000.

a.Calculate Lilly's tentative minimum tax.
b.Calculate Lilly's AMT credit carryover to 2017.

Question

Lilly is single and reports zero taxable income for 2016.She has positive AMT timing adjustments of $600,000 and AMT exclusions of $200,000.
​
a.Calculate Lilly's tentative minimum tax.
b.Calculate Lilly's AMT credit carryover to 2017.

Quizplus · Accepted Answer

The Answer of Lilly is single and reports zero taxable income for 2016.She has positive AMT timing adjustments of $600,000 and AMT exclusions of $200,000.
​
a.Calculate Lilly's tentative minimum tax.
b.Calculate Lilly's AMT credit carryover to 2017.

Lilly Is Single and Reports Zero Taxable Income for 2016