Bangura, Incorporated has regular taxable income of $932,500,000 and AFSI of $1,437,100,000. Required: Compute Bangura's regular tax liability, tentative minimum tax, AMT (if any) and total tax due. Regular tax liability Tentative minimum tax AMT Total tax due

Bangura, Incorporated has regular taxable income of $932,500,000 and AFSI of $1,437,100,000. Required: Compute Bangura's regular tax liability, tentative minimum tax, AMT (if any) and total tax due. Regular tax liability Tentative minimum tax AMT Total tax due

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter3: Taxes On The Financial Statements

Section: Chapter Questions

Problem 13P

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Concept explainers

Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.

Question

A-5

Bangura, Incorporated has regular taxable income of $932,500,000 and AFSI of $1,437,100,000.
Required:
Compute Bangura's regular tax liability, tentative minimum tax, AMT (if any) and total tax due.
Regular tax liability
Tentative minimum tax
AMT
Total tax due

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Step 1: Provided Information:

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Step 2: Calculation of Regular Tax Liability:

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Step 3: Calculation of Tentative Minimum Tax:

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Step 4: Calculation of Alternative Minimum Tax (AMT):

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Step 5: Calculation of Total Tax Due:

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