Question
Lynn, age 45, is single and has no dependents. Her income and expenses for the current year are reported as follows: Income Salary $33,000 Taxable
Lynn, age 45, is single and has no dependents. Her income and expenses for the current year are reported as follows:
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The $64,000 business income is from Apex Office Supplies Company, a sole proprietorship that Lynn owns and operates. Apex claimed MACRS depreciation of $3,175 on real and personal property used in the business. AMT depreciation on the property would have been $2,500.
Lynn received interest of $30,000 on City of Pensacola private activity bonds that were issued in 2011.
Based on the financial information presented above, compute Lynn's AMT.
***Note: I am trying to compare someone else answers with my answers to see if I am right. Thanks!***
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