Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Tamba files married filing separately. In 2020 he has taxable Income of $605,000, which is comprised of income from his busines, Interest, and gambling winnings.

image text in transcribed

Tamba files married filing separately. In 2020 he has taxable Income of $605,000, which is comprised of income from his busines, Interest, and gambling winnings. In calculating his taxable income, he deducted $7,800 of depreciation on business assets. The AMT depreciation on those assets is 57,400. He also has $4,400 of municipal bond interest of which $800 is from private activity bonds. In addition, he deducts the following itemized deductions: State income taxes $6,100 Real property tax 3,800 Mortgage interest 7.900 Investment interest 2.500 Charitable contributions 10.000 Gembling losses 3,500 Tamba's regular tax is $192,425. What is Tamba' alternative minimum tax (AMT). (Round amounts to the nearest dollar.) IL

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing And Assurance Services

Authors: Alvin A. Arens, Randal J. Elder, Mark S. Beasley

12th Edition

0136128270, 9780136128274

More Books

Students also viewed these Accounting questions

Question

=+all other design actions and what models are used?

Answered: 1 week ago