Question
1. Tanya, who is head of household and age 32, provides you with the following information from her financial records for 2015. Regular income tax
1. Tanya, who is head of household and age 32, provides you with the following information from her financial records for 2015. Regular income tax liability $30,718 AMT positive adjustments $30,000 AMT preferences $20,000 Taxable income $115,000 Calculate her AMTI for 2015.
a. $35,503. b. $136,550. c. $154,675. d. $165,000.
2. Maxwell, who is single, owns a personal residence in the city. He also owns a townhouse near the ocean. He uses the townhouse as a vacation home. In March 2015 he borrowed $50,000 on a home equity loan and used the proceed to acquire a luxury automobile. During 2015, he paid the following amounts of interest.
On his personal residence $15,000
On the townhouse 6,000
On the home equity loan 4,000
On credit card obligations 2,000
What amount, if any, must Maxwell recognize as an AMT adjustment in 2015?
| a. | $0. | |
| b. | $2,000. | |
| c. | $4,000. | |
| d. | $6,000. |
3. Mandy, who is single and age 33, provides you with the following information from her financial records for 2015.
Regular income tax liability $ 8,000
AMT adjustments 10,000
AMT preferences 20,000
Taxable income 75,000
Calculate her AMT for 2015.
| a. | $5,364 | |
| b. | $8,000 | |
| c. | $13,364 | |
| d. | 0. |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Statutory Audits In Europe
Authors: Michael Kend, Giulia Leoni, Cristina Florio, Silvia Gaia
1st Edition
1032201738, 978-1032201733
