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Problem 8-56 (LO 8-2) (Algo) [The following information applies to the questions displayed below.] In 2021, Sven is single and has $148,000 of regular taxable
Problem 8-56 (LO 8-2) (Algo) [The following information applies to the questions displayed below.] In 2021, Sven is single and has $148,000 of regular taxable income. He itemizes his deductions as follows: real property tax of $3,400, state income tax of $5,400, and mortgage interest expense of $22,000 (acquisition debt of $300,000). He also has a positive AMT depreciation adjustment of $3,300. roblem 8-56 Part a (Algo) What is Svens alternative minimum taxable income (AMTI)? Description Amount MTI Required information Problem 8-72 (LO 8-4) (Algo) [The following information applies to the questions displayed below.] In 2021, Elaine paid $2,800 of tuition and $640 for books for her dependent son to attend State University this past fall as a freshman. Elaine files a joint return with her husband. What is the maximum American opportunity tax credit that Elaine can claim for the tuition payment and books in each of the following alternative situations? (Leave no answer blank. Enter zero if applicable.) Problem 8-72 Part-b (Algo) b. Elaine's AGI is $166,000. (Round your intermediate calculations to the nearest whole dollar amount.) American opportunity tax credit
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