Lilly is single and reports zero taxable income for 2017. She incurs positive AMT timing adjustments of $600,000 and AMT exclusions of $200,000.

a.Calculate Lilly's tentative minimum tax (TMT).
b.Calculate Lilly's AMT credit carryover to 2018.

Question

Lilly is single and reports zero taxable income for 2017. She incurs positive AMT timing adjustments of $600,000 and AMT exclusions of $200,000.
​
a.Calculate Lilly's tentative minimum tax (TMT).
b.Calculate Lilly's AMT credit carryover to 2018.

Quizplus · Accepted Answer

The Answer of Lilly is single and reports zero taxable income for 2017. She incurs positive AMT timing adjustments of $600,000 and AMT exclusions of $200,000.
​
a.Calculate Lilly's tentative minimum tax (TMT).
b.Calculate Lilly's AMT credit carryover to 2018.

Lilly Is Single and Reports Zero Taxable Income for 2017