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Farr, an unmarried taxpayer, had $70,000 of adjusted gross income and the following deductions for regular income tax purposes: Home mortgage interest on a loan
Farr, an unmarried taxpayer, had $70,000 of adjusted gross income and the following deductions for regular income tax purposes: Home mortgage interest on a loan to acquire a principal residence $11,000 State and local taxes 2,000 What are Farr's total allowable itemized deductions for computing alternative minimum taxable income? $0 $11,000 $2,000 $13,000
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