Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Lynn, age 45, is single and has no dependents. Her income and expenses for 2018 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 2018 are reported as follows. Income:

Salary $233,000

Taxable interest on corporate bonds 13,700

business income 64000

Expenditure

Home office expense deduction 3200

state income taxes 6000

real estate taxes 8500

Mortgage (qualified housing) interest 9200

home equity loan interest 2500

Investment interest 15500

Cash contributions to various charities 2900

The 64000 business income is from Apex office supplies Company, a sole proprietorship that Lynn owns and operates. Apex claimed MACRS depreciation of $3175 on personal property used in the business and placed in service in the current year. Lynn received interest of $30000 on City of Pensacola private activity bonds that were issued in 2013.

Based on the information presented above, compute Lynn's AMT for 2018.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

How To Audit The Process Based QMS

Authors: Dennis R. Arter, Charles A. Cianfrani, Jack West

1st Edition

0873895770, 978-0873895774

More Books

Students also viewed these Accounting questions

Question

The nature and importance of the global marketplace.

Answered: 1 week ago