Question
Brennen sold a machine used in his business for $277,800. The machine was purchased eight years ago for $500,040. Depreciation up to the date of
Brennen sold a machine used in his business for $277,800. The machine was purchased eight years ago for $500,040. Depreciation up to the date of the sale for regular income tax purposes was $319,470 and $287,523 for AMT purposes. What AMT adjustment arises as a result of the sale of the machine?
For AMT purposes, Brennen has a negative adjustment of $f________related to the sale.
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How To Avoid IRS Audits
Authors: Victor S. Sy, CPA, MBA, Allana Santos, Roger Oriel, Louie Gajardo, Malou Aguilar Bledsoe, RJ Oriel, Mark Xavier Bautista, Kenno Samulde, Morton D Rosenthal Esq.
1st Edition
1530746477, 978-1530746477
