For 2010, Mallard Corporation (a calendar year integrated oil company) had the following transactions:
Taxable income: $4,000,000
Regular tax depreciation on realty in excess of ADS (placed in service in 1989): $1,700,000
Excess intangible drilling costs: 500,000
Percentage depletion in excess of the property's adjusted basis: 700,000
Assuming no ACE adjustment:
a) Determine Mallard Corporation's AMTI for 2010:
b) Determine the tentative minimum tax base:
c) Determine the tentative minimum tax:
d) What is the amount of the AMT: