Kay, Who Is Single, Had Taxable Income of $0 in 2012.She

question 93

Multiple Choice

Kay, who is single, had taxable income of $0 in 2012.She has positive timing adjustments of $206,300 and exclusion items of $100,000 for the year.What is the amount of her alternative minimum tax credit for carryover to 2013?

• A)$80,500.
• B)$68,861.
• C)$20,930.
• D)$13,403.
• E)None of the above.

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Definitions:

Retained Earnings

The portion of net income that is not distributed to shareholders and is instead reinvested in the company.

Shareholders' Equity

The residual interest in the assets of a corporation after deducting liabilities, representing the owners' claim on the company's assets.

Financial Statement

A record that details the financial activities and condition of a business, person, or other entity.

Accounts

Financial records of an entity that detail transactions and can be used to prepare financial statements.