Bangura, Incorporated has regular taxable income of $933,900,000 and AFSI of $1,438,500,000. 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 $ 196,119,000

Bangura, Incorporated has regular taxable income of $933,900,000 and AFSI of $1,438,500,000. 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 $ 196,119,000

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter14: Taxes On The Financial Statements

Section: Chapter Questions

Problem 29P

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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

Bangura, Incorporated has regular taxable income of $933,900,000 and AFSI of $1,438,500,000.
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
$ 196,119,000

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