Crockett Corporation, a calendar year C corporation, reports net income of $2,000,000,000 on its 2023 audited financial statements (including financial statement depreciation of $250,000,000). Also, for 2023, Crockett reports taxable income of $900,000,000 (including tax depreciation of $400,000,000). Assume that Crockett 's average annual AFSI for the three-year period ending December 31, 2023, is in excess of $1,000,000,000. Also assume that Crockett has no AMT foreign tax credit for 2023. Compute Crockett's 2023 corporate AMT.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Crockett Corporation, a calendar year C corporation, reports net income of $2,000,000,000 on its 2023 audited financial statements (including financial statement depreciation of $250,000,000). Also, for 2023, Crockett reports taxable income of $900,000,000 (including tax depreciation of $400,000,000). Assume that Crockett 's average annual AFSI for the three-year period ending December 31, 2023, is in excess of $1,000,000,000. Also assume that Crockett has no AMT foreign tax credit for 2023. Compute Crockett's 2023 corporate AMT.

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