Question
5-In 2019, Nadia has $100,000 of regular taxable income. She itemizes her deductions as follows: real property taxes of $1,500, state income taxes of $2,000,
5-In 2019, Nadia has $100,000 of regular taxable income. She itemizes her deductions as follows: real property taxes of $1,500, state income taxes of $2,000, and mortgage interest expense of $10,000 (acquisition indebtedness of $200,000). In addition, she receives tax-exempt interest of $1,000 from a municipal bond (issued in 2006) that was used to fund a new business building for a (formerly) out-of-state employer. Finally, she received a state tax refund of $600 from the prior year. What is Nadias AMTI this year if she deducted $15,000 of itemized deductions last year (she did not owe AMT last year)?
6-Steves tentative minimum tax (TMT) for 2019 is $247,000. What is his AMT if his regular tax is $230,000?
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