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What is gsl total tax liability


In year 1, GSL Corp.'s alternative minimum tax base was $2,000,000 and its regular tax liability is $350,000.

a. What is GSL's total tax liability for years 1, 2, 3, and 4 (by year) assuming the following?

  1. Year 2: AMT base $600,000; Regular tax liability $100,000.
  2. Year 3: AMT base $500,000; Regular tax liability $160,000.
  3. Year 4: AMT base $1,000,000; Regular tax liability $150,000.

b. What, if any, minimum tax credit does GSL have at the end of year 4?

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