Lilly Is Single and Reports Zero Taxable Income for 2017

question 44

Essay

Lilly is single and reports zero taxable income for 2017. She incurs positive AMT timing adjustments of $600,000 and AMT exclusions of $200,000.
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a.Calculate Lilly's tentative minimum tax (TMT).
b.Calculate Lilly's AMT credit carryover to 2018.

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Definitions:

Majoring

The process of specializing in a particular field or area of study within a broader educational program.

Graphical Device

A tool or mechanism used to create, design, or display data and information in a visual format.

Relative Frequency

The ratio of the number of times a particular value or event occurs to the total number of occurrences, used to estimate probabilities in samples.

Hours Worked

The total number of hours spent working by an individual or group in a specific period.