Duck,Inc.,is a C corporation that is not eligible for the small business exception to the AMT.Its adjusted current earnings (ACE)and unadjusted alternative minimum taxable income (unadjusted AMTI)for 2013 and 2014 are as follows:
Calculate the amount of the ACE adjustment for 2013 and 2014.
Definitions:
Breach of Confidence
The unauthorized use or disclosure of confidential information that has been communicated in confidence.
Computer Software
Programs and other operating information used by a computer to perform specific tasks.
Confidential Information
Private information, the disclosure of which would be injurious to a business; a type of intellectual property.
Punitive Damages
Punitive damages are awarded in civil lawsuits as a punishment to the defendant and deterrent to others, over and above compensatory damages.
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