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:
|
Regular taxable income before regular tax NOL deduction
|
$800,000
|
|
Minus: Regular tax NOL deductionRegular taxable income
|
(200,000)
$600,000
|
|
Alternative tax NOL deductionAMT depreciation adjustment
|
$175,000
$148,000
|
|
Personal property acquired eight years ago and sold this year:
Acquisition cost
|
$50,000
|
|
Regular tax depreciationAMT depreciationIncrease in LIFO recapture amount
|
$38,845
$26,845$75,000
|
|
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
|
$31,000
$33,000$120,000$110,000
|
|
|
|
|
|
|
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: http://www.irs.gov/pub/irs-pdf/f4626.pdf