Question
Samuel, a single individual, has adjusted gross income of $150,000 and the following itemized deductions before applicable floor limitations for 2015: Medical expenses $17,000 Qualified
Samuel, a single individual, has adjusted gross income of $150,000 and the following itemized deductions before applicable floor limitations for 2015:
| Medical expenses | $17,000 |
| Qualified residence acquisition interest | 20,000 |
| Taxes | 9,000 |
| Charitable contributions | 7,000 |
| Miscellaneous itemized deductions | 5,000 |
What are Samuel's itemized deductions for alternative minimum tax purposes?
| a. | $43,750 |
| b. | $43,000 |
| c. | $40,000 |
| d. | $29,000 |
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Accounting Multicolumn Journal
Authors: Claudia Gilbertson
10th Edition
128552845X, 9781285528458
