Module 6 CNOW Problems eftock 2 Calculator Problem 12-52 (LO. 2, 3, 4, 5) 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 corporate bonds 13,700 Business income 64,000 Expenses Home office expense deduction (associated with sole proprietorship) 3,200 State income taxes Real property taxes 8,500 Home mortgage (qualified housing) interest 9,200 Home equity loan interest 2.500 Investment interest 15,500 Cash contributions to various charities 2.900 6,000 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 "O". Round your intermediate computations and final answers to nearest dollar. Check My Work Assignment Score: 18.1% All work saved. Email Instructor Module 6 CNOW Problems eBook Calculator If an amount is zero, enter "O". Round your intermediate computations and final answers to nearest dollar. Gross income 310,700 Less: deductions for AGI 44,025 Adjusted gross income 310,700 X Less: deductions from AGI Taxable income 320,725 X Regular income tax calculation Total tax Computation of alternative minimum tax Taxable income Plus: positive adjustments and tax preferences Less: negative adjustment Alternative minimum taxable income Less: AMT exemption AMT base TMT 64,116 X AMT Check My Work Module 6 CNOW Problems eftock 2 Calculator Problem 12-52 (LO. 2, 3, 4, 5) 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 corporate bonds 13,700 Business income 64,000 Expenses Home office expense deduction (associated with sole proprietorship) 3,200 State income taxes Real property taxes 8,500 Home mortgage (qualified housing) interest 9,200 Home equity loan interest 2.500 Investment interest 15,500 Cash contributions to various charities 2.900 6,000 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 "O". Round your intermediate computations and final answers to nearest dollar. Check My Work Assignment Score: 18.1% All work saved. Email Instructor Module 6 CNOW Problems eBook Calculator If an amount is zero, enter "O". Round your intermediate computations and final answers to nearest dollar. Gross income 310,700 Less: deductions for AGI 44,025 Adjusted gross income 310,700 X Less: deductions from AGI Taxable income 320,725 X Regular income tax calculation Total tax Computation of alternative minimum tax Taxable income Plus: positive adjustments and tax preferences Less: negative adjustment Alternative minimum taxable income Less: AMT exemption AMT base TMT 64,116 X AMT Check My Work
