Savannah, whose tax rate is 28% and AGI less than $415, 050, sells land at a gain of $10,000. The land qualifies as Section 1231 property. She has no other asset sales and no prior 1231 losses. What is Savannah's tax on the 1231 gain? a. $1, 500 b. $1,000 c. $2, 800 d. $0. Let's change the above question. Savannah now sells the land for a $10,000 loss. What is Savannah's tax saving on the 1231 loss? a. $1, 500 b. $1,000 c. $2, 800 d. $0. Only wealthy people have to calculate AMT a. True b. False Robin has taxable Income of $123,000. She reports the following itemized deductions: Medical - 0 State Income Tax - $16, 700 Property Tax on home - $4, 300 Home Mortgage Interest - $10, 800. Home Mortgage Points - $1, 200 Cash Charity - 4,000 Non-cash Charity - 400 Misc. Itemized Deductions - 5, 200 Assuming no other preference items or adjustments. How much is Robin's AMTI (AMT Taxable Income)? a. $144, 900 b. $165, 600 c. $161, 200 d. $150, 400 If AMT Tax Base is $106,000 and regular taxable income is $90,000, what is the additional AMT tax that must be reported on page 2 of the 1040? (assume single taxpayer status, choose closest answer) a. $27, 560 b. $4, 160 c. $9, 289 d. $5, 060