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Problem 14-32 (Algo) [LO 14-8] For all the following cases, assume that taxable income does not include any dividend income or capital gain. Required:
Problem 14-32 (Algo) [LO 14-8] For all the following cases, assume that taxable income does not include any dividend income or capital gain. Required: a. Compute AMT (if any) if Mr. and Ms. Baker's, married filing jointly, reported taxable income of $224,000 and AMTI before exemption of $224,600. b. Compute AMT (if any) if Mr. Costa's, single taxpayer, reported taxable income of $196,740 and AMTI before exemption of $219,600. c. Compute AMT (if any) if Ms. Juma's, a single taxpayer, reported taxable income of $684,275 and AMTI before exemption of $799,800. Assume the taxable year is 2022. Use Individual Tax Rate Schedules. Complete this question by entering your answers in the tabs below. Required A Required B Required C Compute AMT (if any) if Ms. Juma's, a single taxpayer, reported taxable income of $684,275 and AMTI before exemption of $799,800. Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. Enter "0" if taxpayer is not subject to AMT. AMT $ 689 Show less
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