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 Interest
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 2011 City of Pensacola private activity bonds.
Based on the information presented above, compute Lynns AMT liability.
Click here to access the Tax Rate Schedules.
If an amount is zero, enter "0". Round your intermediate computations and final answers to nearest dollar
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