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$6,000 charitable contributions. The Andrews claim five dependents on their return and use the itemized deduction. Determine their net alternative minimum taxable income. Net AMTI
$6,000 charitable contributions. The Andrews claim five dependents on their return and use the itemized deduction. Determine their net alternative minimum taxable income. Net AMTI is alternative minimum taxable income minus the AMT exemption. [For your answer, please use whole number and ignore the dollar sign and the comma.] For taxable years beginning in 2023, under 55(b)(1), the excess taxable income above which the 28 percent tax rate applies is: For taxable years beginning in 2023, the amounts used under 55 (d)(2) to determine the phaseout of the exemption amounts are
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