Allen, an unmarried taxpayer filing single, has no dependents and reports the following items on his 2023 federal income tax return a What is the amount of Allens AMT adjustments related to itemized deductions b What is Allens AMT liability for 2023 Taxable income Regular tax liability Tax preferen...

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Allen, an unmarried taxpayer filing single, has no dependents and reports the following items on his 2023

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Allen, an unmarried taxpayer filing single, has no dependents and reports the following items on his 2023 federal income tax return:

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a. What is the amount of Allen’s AMT adjustments related to itemized deductions?

b. What is Allen’s AMT liability for 2023?

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Pearsons Federal Taxation 2024 Individuals

ISBN: 9780138238100

37th Edition

Authors: Mitchell Franklin, Luke E. Richardson

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Question Posted: Apr 08, 2024 08:00 AM

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Allen, an unmarried taxpayer filing single, has no dependents and reports the following items on his 2023

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Taxable income Regular tax liability Tax preferences $150,000 28,308 40,000 Itemized deductions including: Charitable contributions 7,500 Medical expenses (before AGI floor) 10,000 Mortgage interest on principal residence 10,000 State income taxes 5,000 Real estate taxes (before limitations) 8,000

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Pearsons Federal Taxation 2024 Individuals

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