List two common deductions which are allowed for regular tax purposes but are not deductible for AMT purposes.
Answer to relevant QuestionsAlthough the AMT is meant to prevent high-income taxpayers from using tax shelters to avoid paying tax, why might married taxpayers with several children living in a state with high state income taxes and property taxes ...Diane is a single taxpayer who qualifies for the earned income credit. Diane has two qualifying children who are 3 and 5 years old. During 2014, Diane’s wages are $17,500 and she receives dividend income of $700. Calculate ...During 2014, William purchases the following capital assets for use in his catering business: New passenger automobile (September 30)........... $21,500 Baking equipment (June 30) ................ 6,500 Assume that ...Yolanda is a cash basis taxpayer with the following transactions during the year: Cash received from sales of products........... $65,000 Cash paid for expenses (except rent and interest)....... 40,000 Rent paid on a ...Sherry Hopson owns a retail family clothing store. Her store is located at 4321 Circle Drive, Houston, TX 77001. Her employer identification number is 95-1234321 and her Social Security number is 123-45-6789. Sherry keeps ...
Post your question