Allen, an unmarried taxpayer filing single, has no dependents and reports the following items on his 2015 federal income tax return: Adjusted gross income ……………………………….. $82,450 Taxable income ………………………………………. 47,950 Regular tax liability …………………………………... 7,781 Tax preferences ………………………………………. 20,000 Itemized deductions including: Charitable contributions ……………………………… 7,500 Medical expenses (before AGI floor) ………………... 10,000 Mortgage interest on personal residence …………….. 10,000

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Allen, an unmarried taxpayer filing single, has no dependents and reports the following items on his 2015 federal income tax return:
Adjusted gross income ……………………………….. $82,450
Taxable income ………………………………………. 47,950
Regular tax liability …………………………………... 7,781
Tax preferences ………………………………………. 20,000
Itemized deductions including:
Charitable contributions ……………………………… 7,500
Medical expenses (before AGI floor) ………………... 10,000
Mortgage interest on personal residence …………….. 10,000
State income taxes …………………………………… 5,000
Real estate taxes …………………………………….. 8,000
a. What is the amount of Allen’s AMT adjustments related to itemized deductions?
b. What is Allen’s AMT liability for 2015?
Related Book For answer-question

Federal Taxation 2016 Comprehensive

29th Edition

Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson

ISBN: 9780134104379