Elijah is single. He holds a $12,000 AMT credit from 2015. In 2016, his regular tax liability

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Elijah is single. He holds a $12,000 AMT credit from 2015. In 2016, his regular tax liability is $28,000 and his tentative minimum tax is $24,000.
Does Elijah owe AMT in 2016? How much (if any) of the AMT credit can Elijah use in 2016?

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South Western Federal Taxation Individual Income Taxes 2017

ISBN: 9781305873988

40th Edition

Authors: William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young, Nellen

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Question Posted: Sep 15, 2017 12:37 PM

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Elijah is single. He holds a $12,000 AMT credit from 2015. In 2016, his regular tax liability

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4000 of the credit can be used in 2016 An AMT credit can only be used to offset regular ta...View the full answer

South Western Federal Taxation Individual Income Taxes 2017

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