what was eastern rsquo s 2007 alternative minimum taxable income before the adjusted 625439
Eastern Corp., a calendar-year corporation, was formed during 2006. On January 3, 2007, Eastern placed five-year property in service. The property was depreciated under the general MACRS system. Eastern did not elect to use the straight-line method. The following information pertains to Eastern:
|
Eastern’s 2007 taxable income |
$300,000 |
|
Adjustment for the accelerated depreciation taken on 2007 5-year property |
1,000 |
|
2007 tax-exempt interest from private activity bonds |
5,000 |
What was Eastern’s 2007 alternative minimum taxable income before the adjusted current earnings (ACE) adjustment?
- $306,000
- $305,000
- $304,000
- $301,000