Cypress Corporation has regular taxable income of $170,000

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".


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Citradoria Corporation is a regular corporation that contributes $35,000 cash to qualified charitable organizations during 2010

Citradoria Corporation is a regular corporation that contributes $35,000 cash to qualified charitable organizations during 2010. The corporation has net operating income of $140,000 before deducting the contributions, and dividends received from domestic corporations (ownership in all corporations is less than 20 percent) in the amount of $20,000.

a. What is the amount of Citradoria Corporation's allowable deduction for charitable contributions for the current year?
b. What may the corporation do with any excess amount of contributions?


Click here for the solution: Citradoria Corporation is a regular corporation that contributes $35,000 cash to qualified charitable organizations during 2010