Fall 2016 Q19 Part c
The answer for Part c is the following:
2013: Pay AMIT of $4.8M, Minimum tax credit = $0.3M
2014: Apply $0.1M of credit to RIT; pay $3.8M, Minimum tax credit = $0.2M
2015: Apply $0.2M of credit to RIT; pay $3.9M of income tax
Here is my thought process:
2013: AMIT > RIT, so must pay BEAT of 0.3
2014: AMIT < RIT, so we just pay RIT of 3.9
2015: AMIT < RIT, so we just pay RIT of 4.1
How do I understand minimum tax credit? Am I missing anything in the wiki article?
Comments
As pointed out in the BattleTable, this question part is outdated, because AMIT is no longer in use.