Tax corporation return, King Corporation, an accrual method taxpayer, reports the, Taxation

Tax corporation return, Taxation

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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

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Tax corporation return, Taxation

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