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Carson had the following itemized deductions in 2020: State income taxes $ 2,000 Charitable contributions 8,800 Mortgage interest (personal residence) 12,000 Medical expenses [$10,975 (10%
Carson had the following itemized deductions in 2020:
| State income taxes | $ 2,000 |
|---|---|
| Charitable contributions | 8,800 |
| Mortgage interest (personal residence) | 12,000 |
| Medical expenses [$10,975 (10% $75,000)] | 3,475 |
Required:
- What are Carsons itemized deductions for AMT purposes?
- What is the amount of the AMT adjustment?
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Money Banking And Financial Markets
Authors: Stephen Cecchetti, Kermit Schoenholtz
6th Edition
1260226786, 9781260226782
