Taxation

Shale has just lost a product liability suit with damages of $5 million being awarded to the plaintiff. Although Shale will appeal the judgment, legal counsel indicates the judgment is highly unlikely to be overturned by the appellate court. The product liability insurance carried by Shale includes a payout ceiling of $3 million.

What is the amount of liability of the entity and its owners if Shale is: a. A sole proprietorship? b. A partnership or LLC? c. A C corporation? d. An S corporation?

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Some parties believe that many corporations are paying little, if any, corporate income tax and blame the AMT for being ineffective. Examine both government and press sites on the Internet and summarize these complaints. Ascertain if your state’s income tax has an AMT component. If your state does not levy an income tax, choose a contiguous state that does.

List the AMT tax rate for corporations, and describe if or how the AMT tax base follows Federal AMTI.

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