BOONTITS Brandon Holloway Q Sun Mar 2 Sex 2 (1) x Thur X Solv Cens X 899X Seal x HW X m/take Assignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Youtube Settings Tue 8/28 - First Te... Take Test: CHAPT... 10 Take Test: CHAPT... myflixer to 602... Problem 12-47 (LO. 2, 3, 4, 5) Farr is single, has no dependents, and does not itemize her deductions. She reports the following items on her 2020 tax return Bargain element from the exercise of an 150 (no restrictions apply to the stock) $45,000 MACRS depreciation on shopping mall building acquired in 2015 49,000 Percentage depletion in excess of property's adjusted basis 50,000 Taxable income for regular income tax purposes 221,000 Regular tax liability 52,145 a. Determine Farr's AMT adjustments and preferences for 2020 by classifying each of the following as a "Tax preference item", an "AMT adjustment", or "Neither". Excess of the fair market value of the stock over the exercise price of an AMT adjustment incentive stock option MACRS depreciation on shopping mall building acquired in 2015 Neither X Percentage depletion in excess of property's adjusted basis Tax preference item Standard deduction Tax preference item X Feedback b. Compute Farr's AMTI, AMT base taxable income (before standard deduction) and AMT 2020. b. Compute Farr's AMTI, AMT base taxable income (before standard deduction) and AMT 2020 If required, round your intermediate computations and final answer to nearest dollar. Click here to access exemption tables. Computation of AMTI and AMT Base Taxable income (before standard deduction) Plus: Net AMT adjustments and tax preferences $233,400 95,000 Equals: AMTI 328,400 Less: exemption amount AMT base AMT computation Tentative minimum tax Less: tax on regular taxable income AMT Feedback 137 BOONTITS Brandon Holloway Q Sun Mar 2 Sex 2 (1) x Thur X Solv Cens X 899X Seal x HW X m/take Assignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Youtube Settings Tue 8/28 - First Te... Take Test: CHAPT... 10 Take Test: CHAPT... myflixer to 602... Problem 12-47 (LO. 2, 3, 4, 5) Farr is single, has no dependents, and does not itemize her deductions. She reports the following items on her 2020 tax return Bargain element from the exercise of an 150 (no restrictions apply to the stock) $45,000 MACRS depreciation on shopping mall building acquired in 2015 49,000 Percentage depletion in excess of property's adjusted basis 50,000 Taxable income for regular income tax purposes 221,000 Regular tax liability 52,145 a. Determine Farr's AMT adjustments and preferences for 2020 by classifying each of the following as a "Tax preference item", an "AMT adjustment", or "Neither". Excess of the fair market value of the stock over the exercise price of an AMT adjustment incentive stock option MACRS depreciation on shopping mall building acquired in 2015 Neither X Percentage depletion in excess of property's adjusted basis Tax preference item Standard deduction Tax preference item X Feedback b. Compute Farr's AMTI, AMT base taxable income (before standard deduction) and AMT 2020. b. Compute Farr's AMTI, AMT base taxable income (before standard deduction) and AMT 2020 If required, round your intermediate computations and final answer to nearest dollar. Click here to access exemption tables. Computation of AMTI and AMT Base Taxable income (before standard deduction) Plus: Net AMT adjustments and tax preferences $233,400 95,000 Equals: AMTI 328,400 Less: exemption amount AMT base AMT computation Tentative minimum tax Less: tax on regular taxable income AMT Feedback 137