172.Netgate Corporation’s gross regular tax liability for 2012 was $95,375. What was its taxable income?
173.For 2012, SRH’s taxable income is $35,000 and JHH’s taxable income is $45,000. Together, Scott and Jackson Howard own 100 percent of both corporations. What is the combined tax liability of the two corporations?
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Get Help Now!174.AR Systems Inc. (AR) had $120,000 of tax liability last year. It anticipates a current-year tax liability of $500,000. Assuming AR is considered a large corporation for purposes of estimating tax liability, what are the minimum estimated tax payments it should make to avoid underpayment penalties? Ignore the annualized income method.
175.In the current year, Auto Rent Corporation reported the following taxable income at the end of its first, second, and third quarters: What amount of estimated tax payments would Auto Rent pay each quarter in order to avoid estimated tax penalties under the annualized income method of computing estimated tax payments?
176.IndusTree Inc. received $1,800,000 from the sale of a property in 2012. The property’s adjusted basis for regular tax purposes was $200,000 at the time of the sale. The property’s adjusted basis for AMT purposes was $290,000. What is the amount of the AMT adjustment due to the sale of the asset? Does it increase or decrease AMTI?
177.ValuCo gives you the following information: What is its ACE adjustment for the year? Is it favorable or unfavorable?
178.TerraWise Inc. reported the following information for 2012: What is TerraWise Inc.’s AMTI?
179.QDP Corporation’s AMTI is $569,000 for 2012. Its regular tax liability is $110,000. What is its AMT?
180.VitalJuice Corporation reports the following schedule of prior year taxes it owed: What is VitalJuice’s tax liability for Year 4?
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