Questions from Individual Taxation

Q: How is the Schedule M-1 similar to and different from

How is the Schedule M-1 similar to and different from a Schedule M-3? How does a corporation determine whether it must complete Schedule M-1 or Schedule M-3 when it completes its tax return?

Q: What is the due date for a calendar year-end corporation

What is the due date for a calendar year-end corporation tax return Form 1120 for 2016? Is it possible to extend the due date? Explain.

Q: How does a corporation determine the minimum amount of estimated tax payments

How does a corporation determine the minimum amount of estimated tax payments it must make to avoid underpayment penalties? How are these rules different for large corporations than they are for other...

Q: Describe the annualized income method for determining a corporation’s required estimated tax

Describe the annualized income method for determining a corporation’s required estimated tax payments. What advantages does this method have over other methods?

Q: Are any corporations exempt from the AMT? Briefly explain.

Are any corporations exempt from the AMT? Briefly explain.

Q: Briefly describe the process of computing a corporation’s AMT.

Briefly describe the process of computing a corporation’s AMT.

Q: What is the conceptual difference between adjustments and preference items for AMT

What is the conceptual difference between adjustments and preference items for AMT purposes?

Q: What does the ACE adjustment attempt to capture? How does a

What does the ACE adjustment attempt to capture? How does a corporation determine its ACE adjustment?

Q: What is the corporate AMT exemption? Is it available to all

What is the corporate AMT exemption? Is it available to all corporations? Briefly explain.

Q: How is it possible that a corporation’s marginal AMT rate is greater

How is it possible that a corporation’s marginal AMT rate is greater than 20 percent if the stated AMT rate is 20 percent?