Jolene receives tax-exempt interest of $33,000 on bonds that are classified as private activity bonds. She properly

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Jolene receives tax-exempt interest of $33,000 on bonds that are classified as private activity bonds. She properly excludes the $33,000 from her gross income for regular income tax purposes [under §§ 103(a) and (b)(1)]. Jolene asks your advice on the treatment of the interest for AMT purposes. Locate the Code Section that covers this matter, and advise Jolene accordingly.

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South Western Federal Taxation Individual Income Taxes 2017

ISBN: 9781305873988

40th Edition

Authors: William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young, Nellen

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