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Required information Problem 8-56 (LO 8-2) (Algo) Skip to question [The following information applies to the questions displayed below.] In 2020, Sven is single and
Required information
Problem 8-56 (LO 8-2) (Algo)
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[The following information applies to the questions displayed below.] In 2020, Sven is single and has $140,000 of regular taxable income. He itemizes his deductions as follows: real property tax of $3,000, state income tax of $5,000, and mortgage interest expense of $20,000 (acquisition debt of $300,000). He also has a positive AMT depreciation adjustment of $2,500.
Problem 8-56 Part a (Algo)
a. What is Svens alternative minimum taxable income (AMTI)?
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