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Exercise 15-21 (Algorithmic) (LO. 6) Elijah, who is single, holds a $25,500 AMT credit from year 1. For year 2, Elijahs regular tax liability is
Exercise 15-21 (Algorithmic) (LO. 6)
Elijah, who is single, holds a $25,500 AMT credit from year 1. For year 2, Elijahs regular tax liability is $63,750, and his TMT is $54,188.
Does Elijah owe any AMT for year 2? No If so, how much of the AMT credit can he use for that year? $
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