Begin by computing Stephen's alternative minimum tax base amount for 2019.

then find What is Stephen's ATM liability for 2019?

The Lime Corporation owns equipment with a $330,000 adjusted basis. The equipment was purchased six years ago for $580,000. Assume Lime sells the equipment for the selling prices given in the three independent cases below. Click the icon to view the three independent cases.) Read the requirement Begin by entering the amount of the recognized gain for each case. Then enter the character of the gain or loss for each case. (Use a minus sign or parentheses to enter a loss. Complete all input fields, Enter a "O" for any zero-balances) Recaptured Recognized Gain Ordinary Gain Sec. 1831 Gain Selling Price (Loss) (Loss) (Loss) Case A $424,000 Case B $244.000 Case C $729,000 Enter any number in the edit fields and then continue to the next question The Limo Corporation owns equipment with a $330,000 adjusted basis. The equipment was purchased six years ago for $560,000. Assume Lime sells the equipment for the selling prices given in the three independent cases below. (Click the icon to view the three Independent cases.) Read the requirement Data Table Begin by entering the amount of the recognized br loss for each case. (Use a minus signor parentheses to enter a loss Complete all input fie Selling Price Recognized Gain g Case AS 424,000 Selling Price (Loss) Case B 244,000 Case A $424,000 Case C 729,000 Case B $244,000 Case C $729,000 Print Done Enter any number in the edit fields and then continue to the next question The Lime Corporation owns equipment with a $330,000 adjusted basis. The equipment was purchased six years ago for $560,000. Assumo Lime sells the equipment for the selling prices given in the three independent cases bolow Click the icon to view the three independent cases.) Read the requirement Begin by entering the amount Requirement parentheses to enter a loss. (Use a minus sign or Rel What are the amount and character of Lime's recognized gain or loss? (Assume the adjusted basis of the equipment was calculated using the depreciation that is allowed or allowable.) Case A Case B Case C Selling Price $424,000 $244.000 5729,000 Print Done Enter any number in the edit fields and then continue to the next question Stephen, an unmarried taxpayer filing single with no dependents, has AGI of $650,000 and reports the following items in 2019: (Click the icon to view the items reported in 2019.) (Click the icon to view the 2019 AMT exemption amounts.) Requirement What is Stephen's AMT liability for 2019? Begin by computing Stephon's alternative minimum tax base amount for 2019. (Do not round intermediary calculations, only round the amounts you enter into the input cell to the nearest whole dollar.) Plus: Alternative minimum taxable income (AMTI) Minus Alternative minimum tax base amount Choose from any list or enter any number in the input fields and then continue to the next question Stephen, an unmarried taxpayer filing single with no dependents, has AGI of S660,000 and reports the following items in 2019: Click the icon to view the items reported in 2019.) (Click the icon to view the 2019 AMT exemption amounts.) Requirement What is Stephen's AMT liability for 2019? Alternative minimum taxable income (AMTI) Minus: Alternative minimum tax base amount Complete the table below to determine Stephen's AMT liability for 2019. (Do not round intermediary calculations, only round the amounts you enter into the input cell to the nearest whole dollar. Enter a "o" if Stephen does not have an AMT Hability) Minus Alternative minimum tax (AMT) Choose from any list or enter any number in the input fields and then continue to the next question Stephen an unmarried taxpayer filing single with no dependents, has AGI of $660,000 and reports the following items in 2019 (Click the icon to view the items reported in 2019.) (Click the icon to view the 2019 AMT exemption amounts.) Requirement What is Stephen's AMT liability for 2402 -X Alternative minimum taxable income * Data Table Minus Alternative minimum tax base amou S 570,000 found the amounts you enter into Complete the table below to determi the input cell to the nearest whole dd Taxable income Tax preferences AMT adjustments related to itemized deductions Regular tax liability 78,000 49,000 175,888 Minus Print Done Alternative minimum tax (AMT) Choose from any list or enter any number in the input fields and then continue to the next question o Reference - Step Alternative Minimum Tax - 2019 Req Wha If AMTi minus the exemption amount is: Alte The Tax is: Mind of the But Not Alteil Amount Over- Com the 0 Over- Over- S OS 194.800 194,800 50,648 + *S97 400 and $25,324 for married taxpayers filing separately 26% $ 28% $ 194.800 Miny 2019 Basic 2019 Phaseout Alted Chool Print Done o Step Reference Real Whal Of the Amount Over- Alted But Not Over- Over- $ 0 $ 194,800 194.800 $ 50,648 *$97,400 and $25,324 for married taxpayers filing separately, 26% $ 0 Ming 28% $ 194,800 Alter Com 2019 Basic 2019 Phaseout the i $ AMT exemption and phase-out amounts: Unmarried individuals (other than surviving spouses and heads of households) Married individuals filing joint returns and surviving spouses Married individuals filing separate returns Exemption 71,700 $ 111.700 55,850 Threshold 510,300 1,020,600 510.300 Miny Alter Choo Print Done