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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.
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
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