Solved: What is ramy corporations alternative minimum tax liability, Accounting Basics

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What is ramy corporations alternative minimum tax liability

Ramy Corporation reports the following results for the current year:
Taxable Income $300,000
Interest on Private Activity bonds 20,000
Life Insurance Proceeds 250,000
Dividend Received Deduction 50,000
Depreciation claimed for:
Taxable income purposes 175,000
AMT Purpose 130,000
Adjusted current earnings (ACE) 800,000

1. What is Ramy Corporation's alternative minimum tax liability?

2. What is Ramy Corporation's alternative minimum tax liability if ACE is 200,000?

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