Question
Sylvester files as a single taxpayer during 2014 and claims one personal exemption. He itemizes deductions for regular tax purposes. He paid charitable contributions of
Sylvester files as a single taxpayer during 2014 and claims one personal exemption. He itemizes deductions for regular tax purposes. He paid charitable contributions of $7,800, real estate taxes of $3,200, state income taxes of $5,950, and interest on a home-equity loan of $2,200. Sylvesters regular taxable income is $108,000
| a. | What is Sylvester's AMTI if he used the home-equity proceeds to purchase a car? |
| b. | What is Sylvester's AMTI if he used the home-equity loan proceeds to build a new garage next to his home? |
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The Business Strategy Audit
Authors: Vernal Della-Piana, Murray Low, Kendall Lyman
1st Edition
978-0955970740
