44. LO.3 Alicia owns two investment properties that she acquired several years ago. Her adjusted basis for
Question:
44. LO.3 Alicia owns two investment properties that she acquired several years ago. Her adjusted basis for each is as follows:
Regular Income Tax AMT Land $100,000 $100,000 Apartment building 450,000 490,000 Alicia sells the land for $250,000 and the building for $800,000.
a. Calculate Alicia’s recognized gain or loss on the sale of each asset for regular income tax and AMT purposes.
b. Determine the AMT adjustment on the sale of each asset.
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Related Book For 
South-Western Federal Taxation 2014 Corporations Partnerships Estates And Trusts
ISBN: 9781285424484
37th Edition
Authors: William H. Hoffman Jr., William A. Raabe, James E. Smith, David M. Maloney, James C. Young
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