[KADFC]

From WTB, I get this:

Regular tax income before NOL deduction

+ Tax preference items

+(–) Adjustments (other than ACE and NOL deduction)

Pre-ACE alternative minimum taxable income (AMTI)

+(–) ACE adjustment [75% of difference between pre-ACE AMTI and adjusted current earnings (ACE)]

(–) AMT NOL deduction [limited to 90% of pre-NOL AMTI]

Alternative minimum taxable income (AMTI)

(–) Exemption ($40,000 less 25% of AMTI over $150,000)

Alternative minimum tax base

× 20% rate

Tentative AMT before foreign tax credit

(–) AMT foreign tax credit

Tentative minimum tax (TMT)

(–) Regular income tax (less regular tax foreign tax credit) Alternative minimum tax (if positive)

The problem is, I don’t see any MCQ that uses everything in this formula. So I’m afraid that if they do give me all the values, I won’t recognize it. Can anyone find me a question (or create a question for me) that applies this whole formula? All the MCQ I see so far is only using the top of the formula or the bottom; never the whole thing. This is probably asking for too much. Hmmm, is it in the sims? I haven’t check that part yet.

FAR - 62 (10/2/13), 50 (5/30/14)
AUD - 73 (10/30/13), 66 (5/6/14)
REG - 69 (4/8/14)
BEC - 66 (2/27/13), 73 (4/21/14)

[CanIpassYou Aud]

@KADFC, from what i saw during my study, there was not a lot of practices on AMT but it does not mean its not tested on the exam. I remembered a couple theory questions such as what items you can deduct and cannot deduct when you calculate AMT. In my becker hw there was one or two questions on the exemption amounts. Also make sure you know the preferences and adjustments in the formula. AMT for individual or corporation can be tested as simulations on the exam therefore knowing the formula can be coming in handy during the exam. I hope it helps

FAR-Passed
BEC-Passed
REG-Passed
AUD-Passed
Materials: Becker+Ninja Notes/Ninja MCQ/Ninja Flashcards
Click my name to view my LinkedIn account.

[CanIpassYou Aud]

@KADFC, from what i saw during my study, there was not a lot of practices on AMT but it does not mean its not tested on the exam. I remembered a couple theory questions such as what items you can deduct and cannot deduct when you calculate AMT. In my becker hw there was one or two questions on the exemption amounts. Also make sure you know the preferences and adjustments in the formula. AMT for individual or corporation can be tested as simulations on the exam therefore knowing the formula can be coming in handy during the exam. I hope it helps

FAR-Passed
BEC-Passed
REG-Passed
AUD-Passed
Materials: Becker+Ninja Notes/Ninja MCQ/Ninja Flashcards
Click my name to view my LinkedIn account.

[Author]

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