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Lynn , age 4 5 , is single and has no dependents. Her income and expenses for 2 0 2 1 are reported as follows.
Lynn age is single and has no dependents. Her income and expenses for are reported as follows. The $ business income is from Apex Office Supplies Company, a sole proprietorship that Lynn owns and operates. Apex claimed MACRS depreciation of $ on personal property used in the business and placed in service in the current year. Lynn received interest of $ on City of Pensacola private activity bonds that were issued in Based on the financial information presented above, compute Lynns AMT for Ignore the onehalf deduction for selfemployment taxes for this problem. Click here to access the Tax Rate Schedules. Click here to access exemption tables. If an amount is zero, enter O Round your intermediate computations and final answers to nearest dollar. If an amount is zero, enter O Round your intermediate computations and final answers to nearest dollar. Gross income Adjusted gross income Less: deductions from AGI Taxable income Regular tax calculation Total tax Computation of alternative minimum tax Taxable income Plus: positive adjustments and tax preferences Less: negative adjustment Alternative minimum taxable income Less: AMT exemption AMT base TMT AMT $ $ $ $ $
Lynn age is single and has no dependents. Her income and expenses for are
reported as follows.
The $ business income is from Apex Office Supplies Company, a sole proprietorship
that Lynn owns and operates. Apex claimed MACRS depreciation of $ on personal
property used in the business and placed in service in the current year. Lynn received
interest of $ on City of Pensacola private activity bonds that were issued in
Based on the financial information presented above, compute Lynns AMT for Ignore
the onehalf deduction for selfemployment taxes for this problem.
Click here to access the Tax Rate Schedules. Click here to access exemption tables.
If an amount is zero, enter O Round your intermediate computations and final
answers to nearest dollar. If an amount is zero, enter O Round your intermediate computations and final
answers to nearest dollar.
Gross income
Adjusted gross income
Less: deductions from AGI
Taxable income
Regular tax calculation
Total tax
Computation of alternative minimum tax
Taxable income
Plus: positive adjustments and tax preferences
Less: negative adjustment
Alternative minimum taxable income
Less: AMT exemption
AMT base
TMT
AMT
$
$
$
$
$
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