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Problem 12-24 (LO. 2, 3, 4, 5) Use the following data to calculate Chiara's AMT base in 2020: Taxable income $248,000 Positive AMT adjustments 73,000
Problem 12-24 (LO. 2, 3, 4, 5) Use the following data to calculate Chiara's AMT base in 2020: Taxable income $248,000 Positive AMT adjustments 73,000 Negative AMT adjustments 25,000 AMT Preferences 30,000 Chiara will file as a single taxpayer and chooses to itemize her deductions. Click here to access the exemption table. $248,000 Chiara's taxable income Plus or minus: Positive adjustments Negative adjustments Plus: AMT preferences Equals: AMTI Less: AMT exemption Equals: AMT base
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