Question
I need to calculate the AMT with the information provided Robert A. Kliesh, age 41, is single and has no dependents. Robert's Social Security number
I need to calculate the AMT with the information provided
Robert A. Kliesh, age 41, is single and has no dependents. Robert's Social Security number is 111-11-1112. His address is 201 Front Street, Missoula, MT 59812. He does not contribute to the Presidential Election Campaign fund through the Form 1040. Robert is independently wealthy as a result of having inherited sizable holdings in real estate and corporate stocks and bonds. Robert is a minister at First Presbyterian Church, but he accepts no salary from the church. However, he does reside in the church's parsonage free of charge. The fair rental value of the parsonage is $3,000 a month. The church also provides him with a cash grocery allowance of $200 a week. Examination of Robert's financial records provides the following information. 1. On January 16, 2015, Robert sold 1,000 shares of stock for a loss of $12,000. The stock was acquired 14 months ago for $17,000 and sold for $5,000. On February 15, 2015, he sold 400 shares of stock for a gain of $13,100. That stock was acquired in 2009 for $6,000 and sold for $19,100. 2. He received $30,000 of interest on private activity bonds that he had purchased in 2013, as part of the original issuance. He also received $40,000 of interest on tax-exempt bonds that are not private activity bonds. 3. Robert received gross rent income of $190,000 from an apartment complex he owns. He qualifies as an active participant in the activity. 4. Expenses related to the apartment complex, which he acquired in 2007, were $225,000. 5. Robert's interest income (on CDs) totaled $23,000. Robert invests only in growth stocks, so he earns no dividend income. 6. He won $60,000 in the Montana lottery. 7. Robert was the beneficiary of an $800,000 life insurance policy on his Uncle Jake. He received the proceeds in October. 8. He contributed $5,500 to his traditional IRA. 9. Robert reported the following potential itemized deductions. $5,200 fair market value of stock contributed to First Presbyterian (basis $3,000). He had owned the stock for two years. $4,200 interest on consumer purchases. $3,900 state and local income tax. $15,000 of medical expenses that he paid on behalf of a parishioner who died. $300 for a safe deposit box that is used to store investments and related legal documents. $750 contribution to the campaign of a candidate for governor. $5,000 paid for lottery tickets associated with playing the state lottery. Robert contributed $5,000 of his net winnings to the church. Robert lives in Montana, so he paid no sales tax. 10. Robert made $7,500 of estimated Federal income tax payments for the year. 11. Robert was covered by health insurance for the entire tax year.
Calculation Categories | Sub-total column | Total Column |
Taxable income (before personal exemption) | $44,900 | |
Adjustments and preferences: | ||
State and local income taxes | $ | |
Interest on private activity bonds (issued after 2011) | __________________ | |
Total adjustments and preferences | _________________ | |
Alternative minimum taxable income | $ | |
Less: AMT exemption (no, phaseout) | (________________) | |
AMT base | __________________ | |
TMT | $ | |
Less: Regular income tax | (________________) | |
AMT | $_________________ |
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