King Corporation, an accrual method taxpayer, reports the following results for 2014:Regular taxable income before regular tax NOL deduction$800,000Minus: Regular tax NOL deduction Regular taxable income(200,000)$600,000Alternative tax NOL deduction AMT depreciation adjustment$175,000$148,000Personal property acquired eight years ago and sold this year:Acquisition cost$50,000Regular tax depreciation AMT depreciation Increase in LIFO recapture amount$38,845$26,845 $75,000Tax-exempt interest income:Private activity bonds (not issued in 2009 or 2010)Other bonds (not issued in 2009 or 2010)Dividends received (less than 1% ownership)Dividends paid$31,000$33,000 $120,000 $110,000King is not a small corporation exempt from the alternative minimum tax (AMT), and it has no AMT adjustment for the U.S. production activities deduction. Regular taxable income includes $35,000 of Sec. 1231 gain from a prior year installment sale on which King’s total realized gain was $350,000. Regular taxable income also includes $39,000 of Sec. 1231 gain from a 2014 installment sale on which King’s total realized gain is $195,000. King’s ACE adjustments for prior years are a net positive $500,000. Prepare Form 4626 for King Corporation to report its 2014 AMT liability (if any).Please submit the form 4626 solve as pdf file
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