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Calvins taxable income for the current year is $200,000. He is single with itemized deductions of $40,000, consisting of sales tax of $3,000, real estate
Calvins taxable income for the current year is $200,000. He is single with itemized deductions of $40,000, consisting of sales tax of $3,000, real estate taxes of $7,000, and charitable contributions of $30,000. On a fully depleted oil property, he has taken a depletion deduction of $15,000. What is Calvins alternative minimum taxable income for the current year?
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