Slimtin Corporation Has $400,000 of Regular Taxable Income.

Question 114

Slimtin Corporation has $400,000 of regular taxable income.It has depreciation adjustments of $100,000 (MACRS depreciation in excess of 150% declining balance method),and its adjusted current earnings is $600,000. Part A-Calculate Slimtin's AMT liability. Part B-Slimtin has a $41,000 AMT credit carryover from last year.How much,if any,can be applied this year?