Kay,who Is Single,had Taxable Income of $0 in 2011

question 124

Multiple Choice

Kay,who is single,had taxable income of $0 in 2011.She has positive timing adjustments of $200,000 and exclusion items of $100,000 for the year.What is the amount of her alternative minimum tax credit for carryover to 2012?

• A) $80,500.
• B) $67,097.
• C) $20,930.
• D) $13,403.
• E) None of the above.

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Definitions:

Plantwide Overhead Rate

A single rate used to allocate all of a plant's manufacturing overhead costs to its products or cost objects, regardless of the department in which the costs were incurred.

Activity-based Costing

A costing method that first assigns costs to activities and then to products based on each product’s use of activities.

Customer Orders

Requests placed by customers for the purchase of goods or services from a company.

Activity-based Costing

An accounting method that assigns costs to products or services based on the resources they consume.