Question
In 2022, Deon and NeNe are married filing jointly. Deon and NeNe's taxable income (all ordinary) is $1,130,500, and they itemize their deductions as follows:
In 2022, Deon and NeNe are married filing jointly. Deon and NeNe's taxable income (all ordinary) is $1,130,500, and they itemize their deductions as follows: real property taxes of $9,670, charitable contributions of $24,100, and mortgage interest expense of $43,800 ($700,000 acquisition debt for home). Use Exhibit 8-5 and Tax Rate Schedule for reference.
a. What is Deon and NeNe's AMTI?
b. What is Deon and NeNe's AMT exemption?
c. What is Deon and NeNe's TMT?
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Managerial Accounting for Managers
Authors: Eric Noreen, Peter Brewer, Ray Garrison
2nd edition
978-0077403485, 77403487, 73527130, 978-0073527130
