Question
Myra Doolittle, single, age 48, had adjusted gross income of $189,000 from a business and two dependent children at home. She had AMT adjustments that
Myra Doolittle, single, age 48, had adjusted gross income of $189,000 from a business and two dependent children at home. She had AMT adjustments that reduced depreciation and increased income by $45,200. Her itemized deductions consisted of the following: State and local taxes 24,250 (remember the limit) Property taxes 7,950 Mortgage interest(1st) 16,920 Charitable contrib. 8,930 Medical insurance/exp 26,950 before considering AGI floor What is Myras tax liability before credits including AMT if none of her income is long-term capital gain. Show calculation of regular income tax first.
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