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Required information [The following information applies to the questions displayed below] In 2022, Janet and Ray are married filing jointly. They have five dependent children
Required information [The following information applies to the questions displayed below] In 2022, Janet and Ray are married filing jointly. They have five dependent children under 18 years of age. Janet and Ray's taxable income (all ordinary) is $2,402,400, and they itemize their deductions as follows: state income taxes of $13,600 and mortgage interest expense of $25,000 (acquisition debt of $300,000 ). Use Exhibit 8-5 and Tax Rate. Schedule for reference. a. What is Janet and Ray's AMT
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