Alice and Frank have the following items on their 2020 tax return: Determine the amount of the

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Alice and Frank have the following items on their 2020 tax return:

Adjusted gross income Less: Deductions from adjusted gross income: Medical expenses Less: 7.5% x $140,000 Home mortgage interest $140,000 $17,950 (10,500) $7,450 6,300 State income taxes 3,525 950 Property taxes Charitable contributions (cash) 575

Determine the amount of the adjustments that Alice and Frank will have to make in computing their alternative minimum tax.

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Concepts In Federal Taxation 2021

ISBN: 9780357141212

28th Edition

Authors: Kevin E. Murphy, Mark Higgins, Randy Skalberg

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Question Posted: Nov 18, 2020 01:10 AM

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Alice and Frank have the following items on their 2020 tax return: Determine the amount of the

Question:

Adjusted gross income Less: Deductions from adjusted gross income: Medical expenses Less: 7.5% x $140,000 Home mortgage interest $140,000 $17,950 (10,500) $7,450 6,300 State income taxes 3,525 950 Property taxes Charitable contributions (cash) 575

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The primary adjustments that are required of individual taxpayers are for deductions from adjusted g...View the full answer

Concepts In Federal Taxation 2021

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