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In 2022, Deon and NeNe are married filing jointly. Deon and NeNe's taxable income (all ordinary) is $1,205,000, and they itemize their deductions as
In 2022, Deon and NeNe are married filing jointly. Deon and NeNe's taxable income (all ordinary) is $1,205,000, and they itemize their deductions as follows: real property taxes of $9,190, charitable contributions of $26,150, and mortgage interest expense of $51,000 ($700,000 acquisition debt for home). Use Exhibit 8-5 and Tax Rate Schedule for reference. a. What is Deon and NeNe's AMTI? Deon and NeNe's AMTI b. What is Deon and NeNe's AMT exemption? Deon and NeNe's AMT exemption c. What is Deon and NeNe's TMT? Deon and NeNe's TMT
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