Question
Ashley, who is married to Anne and age 30, provides you with the following information from their financial records for 2020. Regular income tax liability
Ashley, who is married to Anne and age 30, provides you with the following information from their financial records for 2020.
Regular income tax liability $24,668
AMT net positive adjustments 40,000
AMT preferences 10,000
Taxable income 150,400
Calculate their tentative minimum tax amount for 2020 if they file a joint return.
a. $0
b. $2,185
c. $22,620
d. $24,360
e. $34,300
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Accounting Principles Volume 1 And Volume 2
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
9th Canadian Edition
1119786649, 978-1119786641
