Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Statutory Audits In Europe

Authors: Michael Kend, Giulia Leoni, Cristina Florio, Silvia Gaia

1st Edition

1032201738, 978-1032201733

More Books

Students also viewed these Accounting questions

Question

Transform the circuits in Fig. 2.113 from ( to Y?

Answered: 1 week ago