Alice and Frank have the following items on their current-year tax return: Determine the amount of the
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Determine the amount of the adjustments that Alice and Frank will have to make in computing their alternative minimumtax.
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Adjusted gross income Less: Deductions from adjusted gross income $100,000 Medical expenses Less: 7.5% $100,000 Home mortgage interest Home equity loan interest State income ta xes Property taxes Charita ble contributions (cash) Miscellaneous itemized deductions Less: 290 $100,000 S 7,950 7,500 S450 5,300 1,200 2,325 950 575 2,400 (2,000) 400(11,200) (7,400) Less: Exemptions (2 x $3,700)
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The primary adjustments that are required of individual taxpayers are for deductions from adjusted gross income that are either modified or not allowe...View the full answer
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Related Book For
Concepts In Federal Taxation
ISBN: 9780324379556
19th Edition
Authors: Kevin E. Murphy, Mark Higgins, Tonya K. Flesher
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