Tax corporation return, Taxation

Assignment Help:
King Corporation, an accrual method taxpayer, reports the following results for 2014:
Regular taxable income before regular tax NOL deduction $800,000

Minus: Regular tax NOL deduction Regular taxable income
(200,000)
$600,000

Alternative tax NOL deduction AMT depreciation adjustment $175,000
$148,000

Personal property acquired eight years ago and sold this year:
Acquisition cost

$50,000
Regular tax depreciation AMT depreciation Increase in LIFO recapture amount
$38,845
$26,845 $75,000

Tax-exempt interest income:
Private activity bonds (not issued in 2009 or 2010)
Other bonds (not issued in 2009 or 2010)
Dividends received (less than 1% ownership)
Dividends paid $31,000
$33,000 $120,000 $110,000



King is not a small corporation exempt from the alternative minimum tax (AMT), and it has no AMT adjustment for the U.S. production activities deduction. Regular taxable income includes $35,000 of Sec. 1231 gain from a prior year installment sale on which King’s total realized gain was $350,000. Regular taxable income also includes $39,000 of Sec. 1231 gain from a 2014 installment sale on which King’s total realized gain is $195,000. King’s ACE adjustments for prior years are a net positive $500,000. Prepare Form 4626 for King Corporation to report its 2014 AMT liability (if any).
Form 4626 can be found at: https://www.irs.gov/pub/irs-pdf/f4626.pdf


Related Discussions:- Tax corporation return

Calculate taxable income, Temporary difference; future deductible amounts; ...

Temporary difference; future deductible amounts; taxable income given Lance Lawn Services reports warranty expense by estimating the amount that eventually will be paid to satis

Importance of creating a surplus budget, a) Using the above information you...

a) Using the above information you are to construct Fiona's Cash Flow Statement and then explain to her the importance of creating a surplus budget. b) The Net Worth Statement e

., Alan is an employee at ABC Pty Ltd (ABC). He has negotiated the followin...

Alan is an employee at ABC Pty Ltd (ABC). He has negotiated the following remuneration package with ABC: • salary of $300,000; • Payment of Alan''s mobile phone bill ($220 per mont

INTRODUCTION TO VAT, 31 VAT WAS FIRST INTRODUCED AS A TAX IN WHICH YEA...

31 VAT WAS FIRST INTRODUCED AS A TAX IN WHICH YEAR AND IN WHICH COUNTRY?

Income tax return, Required: ? Use the following information to complete...

Required: ? Use the following information to complete Phillip and Claire Dunphy's 2012 federal income tax return. If information is missing, use reasonable assumptions to fil

Tax return preparation, Department of Accounting Principles of Federal Inco...

Department of Accounting Principles of Federal Income Taxation IOWA STATE UNIVERSITY ACCT 485 (SPRING 2013) ?TO: Tax Consulting Team FROM: Jon Perkins DATE: March 26th, 2013 RE: Ta

Tax file., Carol is a successful physician who owns 100% of her incorporate...

Carol is a successful physician who owns 100% of her incorporated medical practice. She and her husband, Jared, are considering the purchase of a commercial office building located

Compute cecil''s 2013 federal income tax payable, Pension from former emplo...

Pension from former employer $39,850, Interest income from Alto Nationl Bank 5,500, Interest income on City of Alto bonds 4,500, Dividends received from IBM 2,000, Collection

Unit rates, I still don''t know this yet but my teacher wants me to do this...

I still don''t know this yet but my teacher wants me to do this a i don''t know this topic?

types of taxes, An organization in Australia needs to comply with the stat...

An organization in Australia needs to comply with the statutory requirements of taxation. There are different types of taxes among which a few are common for all the industries and

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd