Question
General Partnership, Speedy Print, sold a piece of equipment. For book purposes, the gain was $5260 (based on straight-line depreciation); for tax purposes, the gain
General Partnership, Speedy Print, sold a piece of equipment. For book purposes, the gain was $5260 (based on straight-line depreciation); for tax purposes, the gain was $8645 (based on MACRS); and for AMT purposes, the gain was $6986 (less depreciation allowed under AMT rules. What adjustment for AMT purposes does the partnership report on schedule K, line 17b?
A. ($1725)
B. ($1660)
C. $1660
D. $3385
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Financial Accounting in an Economic Context
Authors: Jamie Pratt
10th edition
978-1-119-3061, 1119306167, 978-1119444367
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