Lynn, age 45, is single and has no dependents. Her income and expenses for 2016 are reported

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Lynn, age 45, is single and has no dependents. Her income and expenses for 2016 are reported as follows.
Income-Salary.......................................................$33,000
Taxable interest on corporate bonds..................................3,700
Business income.......................................................64,000
Expenditures-
Medical expenses.......................................................12,000
State income taxes.......................................................6,000
Real estate taxes..........................................................8,500
Mortgage (qualified housing) interest.................................9,200
Investment interest......................................................5,500
Cash contributions to various charities................................2,900
The $64,000 business income is from Apex Office Supplies Company, a sole proprietorship that Lynn owns and operates. Apex claimed MACRS depreciation of $3,175 on real and personal property used in the business. AMT depreciation on the property would have been $2,500. Lynn received interest of $30,000 on City of Pensacola private activity bonds that were issued in 2011.
Based on the information presented above, compute Lynn's AMT for 2016.
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South Western Federal Taxation Individual Income Taxes 2017

ISBN: 9781305873988

40th Edition

Authors: William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young, Nellen

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