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Mauve, Inc., has the following for 2010, 2011, and 2012 and no prior ACE adjustments.
11. Mauve, Inc., has the following for 2010, 2011, and 2012 and no prior ACE adjustments.2010 2011Pre-adjusted AMTI2012$12,000 $15,000 $8,0005,000What is the ACE adjustment for each of the three years?2012($1,500)($3,000)$3,000$2,250($2,250)____ 12. Which of the following statements is correct?a. A C corporation classified as a small corporation is eligible to have the AMT calculated using the AMT provisions for individuals.b. A C corporation classified as a small corporation is not subject to the AMT.c. A C corporation classified as a small corporation is subject to the AMT only on its adjusted current earnings.d. A C corporation classified as a small corporation is eligible to use the 15%/0% tax rate on net capital gain and qualified dividends rather than the regular tax rates applicable to other C corporations.e. a., b., and c. are correct.____ 13. Which of the following statements regarding a 52-53 week tax year is not correct?a. Some tax years will include more than 366 calendar days.b. Whether the particular tax year includes 52 weeks or 53 weeks is not elective.c. The year-end must be the same day of the week in all years. d. All of the above are correct.e. None of the above is correct
