Question
In 2021, Deon and NeNe are married filing jointly. Deon and NeNes taxable income (all ordinary) is $1,130,300, and they itemize their deductions as follows:
In 2021, Deon and NeNe are married filing jointly. Deon and NeNes taxable income (all ordinary) is $1,130,300, and they itemize their deductions as follows: real property taxes of $13,100, charitable contributions of $27,550, and mortgage interest expense of $43,200 ($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 For Non-Accountants
Authors: David Horner
10th Edition
0749472812, 978-0749472818
