Question
Lynn, age 45, is single and has no dependents. Her income and expenses for 2014 are as follows: Income Salary $33,000 Interest on corporate bonds
Lynn, age 45, is single and has no dependents. Her income and expenses for 2014 are as follows:
|
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 for 2014.
Click here to access the Tax Rate Schedules.
Note: If an amount is zero, enter "0". Round your intermediate computations and final answers to nearest dollar
|
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started