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Bonnie, who is single and itemizes deductions, reports a zero taxable income for 2021. She incurs positive timing adjustments of $200,000 and AMT exclusion items
Bonnie, who is single and itemizes deductions, reports a zero taxable income for 2021. She incurs positive timing adjustments of $200,000 and AMT exclusion items of $100,000 for the year. Click here to access exemption tables. If required, round your answers to the nearest dollar. If an amount is zero, enter "O". a. Compute Bonnie's AMTI and AMT. AMTI computation Taxable income $0 timing adjustments AMT exclusion items ll! AMTI AMT exemption AMT base AMT computation Tentative minimum tax $ Less: regular tax liability II AMT
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