Andrew Jones is single and has taxable income of $600,000 for the current year. He uses...
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Andrew Jones is single and has taxable income of $600,000 for the current year. He uses the standard deduction for regular tax purposes and has $150,000 of positive adjustments (excluding the adjustment for the standard deduction) for AMT purposes. a. Determine Andrew's tentative minimum tax and his AMT. b. Determine the amount that Andrew actually has to pay the IRS this year. Andrew Jones is single and has taxable income of $600,000 for the current year. He uses the standard deduction for regular tax purposes and has $150,000 of positive adjustments (excluding the adjustment for the standard deduction) for AMT purposes. a. Determine Andrew's tentative minimum tax and his AMT. b. Determine the amount that Andrew actually has to pay the IRS this year.
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Answer Explanation Answer 22 Determine Andrews tentative minimum a ... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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