Click on the following link to Identify the tax issue(s) suggested by the following situations and state each issue in the form of a question.

Click on the following link to Identify the tax issue(s) suggested by the following situations and state each issue in the form of a question. Do not answer the question, just identify what the issues are.1. Several years ago Amusement Corporation purchased heavy machinery for $618,000. It sold the machinery this year for $500,000. Through the date of sale, MACRS depreciation on the machinery was $320,000, while AMT depreciation was $198,000. Amusement has paid AMT in three of its last five years and expects to so again this year.2. Wheelie Corporation is a calendar year taxpayer. For the past nine years its taxable income has been stable, averaging $2 million per year. Through November of this year, its taxable income was $1.81 million. In April, June and September, Wheelie made a $175,000 installment payment of tax. In December, it recognized a $5 million gain on the sale of investment land.

AnswerClick on the following link to identify the tax issue(s) suggested by the followingsituations and state each issue in the form of a question. Do not answer thequestion; just identify what...