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  3. for the current year, ccp inc. received the follow

For the current year, CCP Inc. received the following interest income: $17,000 interest from Irvine...

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Accounting

For the current year, CCP Inc. received the following interest income:

$17,000 interest from Irvine City bonds: Bonds issued in 2012 and proceeds used to fund public schools.

$20,750 interest from Fluor Corporation bonds.

$10,500 interest from Mission Viejo City: Bonds issued in 2013 and proceeds used to lure new business to the area.

$24,400 interest from U.S. Treasury notes.

a. What amount of this interest income is taxable to CCP?

b. What amount of interest should CCP report as a preference item when calculating its alternative minimum tax liability?

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