Lilly Is Single and Reports Zero Taxable Income for 2019

question 71

Essay

Lilly is single and reports zero taxable income for 2019.She incurs positive AMT timing adjustments of $600,000 and
AMT preferences of $200,000.
a.Calculate Lilly's tentative minimum tax (TMT).
b.Calculate Lilly's AMT credit carryover to 2020.

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Definitions:

PIRLS

An international assessment measuring the reading comprehension skills of fourth-grade students worldwide.

International Test

Examinations administered across various countries to assess and compare educational systems or cognitive skills on a global scale, such as PISA or TIMSS.

Reading

The process of understanding written text through the interpretation of written or printed symbols.

Voucher School

A school that accepts vouchers as payment for tuition, where vouchers are provided by a government to parents for schooling at any school, public or private.