Question
Create table for this problem. Include these categories: AMT; Regular Tax: Adjustment. Charles had the following itemized deductions in 2014: State income taxes: $3,000 Charitable
Create table for this problem. Include these categories: AMT; Regular Tax: Adjustment.
Charles had the following itemized deductions in 2014:
State income taxes: $3,000
Charitable contributions: $4,900
Mortgage interest (personal residence): $14,000
Medical expenses: [$8,000-(7.5% $75,000)] : $2,375
Miscellaneous [$3,200-(2%$75,000)] : $1,700
What are Charles' itemized deductions for AMT purposes? What is the amount of the AMT adjustment?
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Financial And Managerial Accounting
Authors: Jan R. Williams, Joseph V. Carcello, Mark S. Bettner, Sue Haka, Susan F. Haka
14th International Edition
0071101217, 9780071101219
