Donna, a single individual with no dependents, reports AGI of $100,000. She also reports the following itemized
Question:
Donna, a single individual with no dependents, reports AGI of $100,000. She also reports the following itemized deductions:
Medical expenses in excess of 7.5% AGI $ 1,000 Home acquisition mortgage interest 10,000 Property taxes on principal residence 3,000 State income taxes 6,000 Qualified charitable contributions 5,000 Miscellaneous itemized deductions in excess of 2% AGI 3,000 What amount of these deductions is allowed in the determination of Donna’s alternative minimum taxable income (AMTI)?
a. $10,000
b. $15,000
c. $18,000
d. $28,000.
AppendixLO1
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Related Book For
Taxation For Decision Makers 2008
ISBN: 9780324654110
2nd Edition
Authors: Shirley Dennis-Escoffier, Karen A. Fortin
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