Cypress Corporation has regular taxable income of $170,000 (assume annual gross receipts are greater than $5 million) and regular tax liability of…

Cypress Corporation has regular taxable income of $170,000 (assume annual gross receipts are greater than $5 million) and regular tax liability of $49,550 for 2010. The corporation also has tax preference items amounting to $105,000. Calculate Cypress Corporation’s alternative minimum tax liability. Assume Cypress Corporation is not a “small corporation.”

Cypress Corporation has regular taxable income of $170,000 (assume annual gross receipts are greater than $5 million) and regular tax liability of $49,550 for 2010. The corporation also has tax…

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