Question: Benny sells an apartment building. His adjusted basis for regular income tax purposes is $450,000, and it is $475,000 for AMT purposes. He receives $700,000

Benny sells an apartment building. His adjusted basis for regular income tax purposes is $450,000, and it is $475,000 for AMT purposes. He receives $700,000 from the sale.
a. Calculate Benny’s gain for regular income tax purposes.
b. Calculate Benny’s gain for AMT purposes.
c. Calculate any applicable AMT adjustment.

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