Question
In 2021, Deon and NeNe are married filing jointly. Deon and NeNes taxable income (all ordinary) is $1,150,300, and they itemize their deductions as follows:
In 2021, Deon and NeNe are married filing jointly. Deon and NeNes taxable income (all ordinary) is $1,150,300, and they itemize their deductions as follows: real property taxes of $13,200, charitable contributions of $27,050, and mortgage interest expense of $57,600 ($700,000 acquisition debt for home). Use Exhibit 8-5 and Tax Rate Schedule for reference.
a. What is Deon and NeNe's AMT?
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Accounting Tools For Business Decision Making
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
6th Edition
111919167X, 9781119191674
