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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Related Book For
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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