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Pat is 40, is single, and has no dependents. She received a salary of $390,000 in 2021. She earned interest income of $11,000, dividend income
Pat is 40, is single, and has no dependents. She received a salary of $390,000 in 2021. She earned interest income of $11,000, dividend income of $15,000, gambling winnings of $14,000, and interest income from private activity bonds (Issued in 2017) of $40,000. The dividends are not qualified dividends. The following additional information is relevant State income taxes $8,100 Real estate taxes 4,000 Mortgage Interest on principal residence Investment interest expense Gambling losses 13,100 3,800 5,100 a. Compute Pat's taxable income and AMTI. Taxable Income Computation Adjusted gross income Taxable income AMTI Computation Taxable income a. Compute Pat's taxable income and AMTI. Taxable Income Computation Adjusted gross income Taxable income AMTI Computation Taxable income AMTI b. Compute Pat's tentative minimum tax. Computation of AMT Base and Tax AMTI AMT exemption 0 000 AMT base Tentative AMT
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