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Tamba files married filing separately. In 2020 he has taxable income of $635,000, which is comprised of income from his busines, interest, and gambling winnings.
Tamba files married filing separately. In 2020 he has taxable income of $635,000, which is comprised of income from his busines, interest, and gambling winnings. In calculating his taxable income, he deducted $7,000 of depreciation on business assets. The AMT depreciation on those assets is $7,500. He also has $4,100 of municipal bond interest of which $1,900 is from private activity bonds. In addition, he deducts the following itemized deductions: State income taxes Real property tax Mortgage interest Investment interest Charitable contributions Gambling losses $6,800 2.900 5,000 3,600 10,500 2,400 Tamba's regular tax is $203,525. What is Tamba' alternative minimum tax (AMT). (Round amounts to the nearest dollar.) 0 Tamba files married filing separately. In 2020 he has taxable income of $635,000, which is comprised of income from his busines, interest, and gambling winnings. In calculating his taxable income, he deducted $7,000 of depreciation on business assets. The AMT depreciation on those assets is $7,500. He also has $4,100 of municipal bond interest of which $1,900 is from private activity bonds. In addition, he deducts the following itemized deductions: State income taxes Real property tax Mortgage interest Investment interest Charitable contributions Gambling losses $6,800 2.900 5,000 3,600 10,500 2,400 Tamba's regular tax is $203,525. What is Tamba' alternative minimum tax (AMT). (Round amounts to the nearest dollar.) 0
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