Please I need this tax return solve using the form 4626 from 2015 from the IRS.
Please attached the tax return as a pdf file when finished.
King Corporation, an accrual method taxpayer, reports the following results for 2014:
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Regular taxable income before regular tax NOL deduction
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$800,000
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Minus: Regular tax NOL deductionRegular taxable income
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(200,000)
$600,000
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Alternative tax NOL deductionAMT depreciation adjustment
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$175,000
$148,000
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Personal property acquired eight years ago and sold this year:
Acquisition cost
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$50,000
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Regular tax depreciationAMT depreciationIncrease in LIFO recapture amount
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$38,845
$26,845$75,000
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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
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$31,000
$33,000$120,000$110,000
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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 AMTliability (if any).
Form 4626 can be found at: https://www.irs.gov/pub/irs-pdf/f4626.pdf