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For all the following cases, assume that taxable income does not include any dividend income or capital gain. Required: a. Compute AMT (if any) if
For all the following cases, assume that taxable income does not include any dividend income or capital gain. Required: a. Compute AMT (if any) if Mr. and Mrs. Baker's taxable income on their joint return was $200,000, and their AMTI before exemption was $203,000. b. Compute AMT (if any) if Mr. Costa's taxable income on his single return was $177,300, and his AMTI before exemption was $198,000. c. Compute AMT (if any) if Ms. White's taxable income on her single return was $650,675, and her AMTI before exemption was $795,000. Assume the taxable year is 2021. Use Individual Tax Rate Schedules
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