Alice and Frank have the following items on their current-year tax return: Determine the amount of the
Question:
Alice and Frank have the following items on their current-year tax return:
Determine the amount of the adjustments that Alice and Frank will have to make in computing their alternative minimum tax.
Transcribed Image Text:
Adjusted gross income Less: Deductions from adjusted gross income: S 140,000 Medical expenses Less: 10% x $140,000 Home mortgage interest Home equity loan interest State income taxes Property taxes Charitable contributions (cash) Miscellaneous itemized deductions Less: 296 × S140,000 $14,450 14,000 S 450 6,300 1,200 3,525 950 575 3,000 (2,800)200 (13,200) Less: Exemptions (2 × $4,000) (8,000)
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Related Book For
Concepts In Federal Taxation 2016
ISBN: 9781305585133
23rd Edition
Authors: Kevin Murphy, Mark Higgins
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