A corporation has the following items related to the AMT. The corporation's AMT,if any,is:

Question

A corporation has the following items related to the AMT.  The corporation's AMT,if any,is:

Quizplus · Accepted Answer

The corporation's tentative minimum tax (TMT) is calculated by adding back all tax preference items and adjusting the NOL deduction, and then applying a 20% AMT rate.

TMT = (Regular Taxable Income + Tax Preference Items) - (Adjusted NOL Deduction) 
TMT = (10,000,000 + 7,200,000) - (0) 
TMT = 17,200,000

AMT = TMT - Regular Tax 
AMT = 17,200,000 - 9,930,940 
AMT = 7,269,060

A Corporation Has the Following Items Related to the AMT