# Owl is a closely held corporation owned by 8 shareholders (each has 12.5% of the stock)....

###### Question:

Owl is a closely held corporation owned by 8 shareholders (each has 12.5% of the stock). Selected financial information provided by Owl follows:

Taxable income $6,250,000 Positive AMT adjustments (excluding ACE adjustment) 600,000 Negative AMT adjustments (30,000) Tax preferences 5,000,000 Retained earnings 900,000 Accumulated E & P 2,000,000 ACE adjustment 750,000 a. If Owl is a C corporation, compute the following: Regular Federal income tax liability:$ Alternative minimum taxable income (AMTI):

Alternate minimum tax (AMT):

Income Tax Rates—Corporations Taxable Income The Tax is: But not Over- Of the Amount Over- Over- 0 50,000 75,000 100,000 335,000 10,000,000 15,000,000 18,333,333 50,000 75,000 100,000 335,000 10,000,000 15,000,000 18,333,333 15% 7,500 + 25% 13,750 + 34% 22,250 + 39% 113,900 + 34% 3,400,000 + 35% 5,150,000 + 38% 50,000 75,000 100,000 335,000 10,000,000 15,000,000 35%

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