Question
Dick Jones, a single taxpayer, had $70,000 in taxable income before personal exemptions in the current year. Jones had no tax preferences. His itemized deductions
Dick Jones, a single taxpayer, had $70,000 in taxable income before personal exemptions in the current year. Jones had no tax preferences. His itemized deductions were as follows:
State and local income taxes $5,000
Home mortgage interest on loan to acquire residence 6,000
Miscellaneous deductions exceeding 2% of AGI 2,000
What amount did Jones report as alternative minimum taxable income before the AMT exemption?
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Alternative minimum taxable income before the AMT exemption 7000...
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Fundamentals Of Taxation 2017
Authors: Ana Cruz, Michael Deschamps, Frederick Niswander, Debra Prendergast, Dan Schisler, Jinhee Trone
10th Edition
978-1259575549, 1259575543, 978-1259752735
