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what is the first taxable year that bradbury corp is not exempt from the alternative 625445

Bradbury Corp., a calendar-year corporation, was formed on January 2, 2004, and had gross receipts for its first four taxable years as follows:

Year

Gross receipts

2004

$4,500,000

2005

9,000,000

2006

9,500,000

2007

6,500,000

What is the first taxable year that Bradbury Corp. is not exempt from the alternative minimum tax (AMT)?

  1. 2005
  2. 2006
  3. 2007
  4. Bradbury is exempt from AMT for its first four taxable years.

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