Lynn, age 45, is single and has no dependents. Her income and expenses for 2021 are reported
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Lynn, age 45, is single and has no dependents. Her income and expenses for 2021 are reported as follows.
The $64,000 business income is from Apex Office Supplies Company, a sole proprietorship that Lynn owns and operates. Apex claimed MACRS depreciation of $3,175 on personal property used in the business and placed in service in the current year. Lynn received interest of $30,000 on City of Pensacola private activity bonds that were issued in 2015.
Based on the information presented above, compute Lynn’s AMT for 2021.
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Related Book For
South-Western Federal Taxation 2022 Individual Income Taxes
ISBN: 9780357519073
45th Edition
Authors: James C. Young, Annette Nellen, William A. Raabe, Mark Persellin, William H. Hoffman
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