Question
Lynn, age 45, is single and has no dependents. Her income and expenses for 2019 are reported as follows. Income Salary $233,000 Taxable interest on
Lynn, age 45, is single and has no dependents. Her income and expenses for 2019 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 personal property used in the business and placed in service in the current year. Lynn received interest of $30,000 on City of Pensacola private activity bonds that were issued in 2013.
Based on the financial information presented above, compute Lynn's AMT for 2019. Ignore the one-half deduction for self-employment taxes for this problem.
Click here to access the Tax Rate Schedules. Click here to access exemption tables.
If an amount is zero, enter "0". Round your intermediate computations and final answers to nearest dollar.
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