Question
Sylvester files as a single taxpayer during 2016 and claims one personal exemption. He itemizes deductions for regular tax purposes. He paid charitable contributions of
Sylvester files as a single taxpayer during 2016 and claims one personal exemption. He itemizes deductions for regular tax purposes. He paid charitable contributions of $7,400, real estate taxes of $1,300, state income taxes of $6,650, and interest on a home-equity loan of $1,300. Sylvesters regular taxable income is $135,000.
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 Auditor Quo Vadis
Authors: Mervyn King, Linda De Beer
1st Edition
1138496774, 978-1138496774
