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Rosita Flores, who is single and age 56, had financial information for 2018 as follows: Taxable income (prior to the standard deduction), $540,000. Positive AMT
Rosita Flores, who is single and age 56, had financial information for 2018 as follows:
- Taxable income (prior to the standard deduction), $540,000.
- Positive AMT adjustments, $60,000.
- AMT preferences, $30,000.
- Negative AMT adjustments, $10,000.
- State income taxes, $8,000.
- Real estate taxes, $7,500.
- Home mortgage (80% for qualified housing), $25,000.
- Investment interest, $2,500.
- Contributions (cash), $7,500.
Compute Rositas AMT base for 2018.
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