b. Compute Volunteer's current E&P.
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- LO.4, 7 In December 2019, Carl Corporation sold land it held as an investment. The corporation received 50,000 in 2019 and a note payable (with adequate interest) for 150,000 to be paid in 2021. Carl Corporations cost of the land was 80,000. The corporation has a 90,000 net capital loss carryover that will expire in 2019. Should Carl Corporation report the sale in 2019 or use the installment method to report the income as payments are received?Which of the following is not considered a limit on the immediate expensing election of Section 179? Fifty percent of qualified improvement property Total Section 179 -eligible property acquired in excess of $3,570,000 The taxable income of the taxpayer considering all income and deductions except for Section 179 immediate expensing An annual limit of $1,020,000 None of the aboveCarol reports taxable income of 48,000. Included in that calculation are the following items. Carol also had excluded municipal bond interest income of 8,000, 3,000 of which was deemed to be private activity bond interest. What are Carols total alternative minimum tax (AMT) adjustments? a. 1,200 b. 2,000 c. 3,000 d. 6,750