Pineview Company, a single member LLC, placed a $5,000 asset that is ineligible for full expensing in

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Pineview Company, a single member LLC, placed a $5,000 asset that is ineligible for full expensing in service on June 1, 2019. The asset has a three-year MACRS class life; no bonus depreciation was taken on this asset. Complete the table below by providing the AMT adjustment, and indicate whether the adjustment increases or decreases taxable income.

Year Tax Deduction AMT Deduction AMT Adjustment Increases or Decreases 2019 $1,667 $1,250 2020 2,222 1,875 2021 740 1,250 2022 371 625

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South-Western Federal Taxation 2020 Essentials Of Taxation Individuals And Business Entities

ISBN: 9780357109175

23rd Edition

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

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Question Posted: Dec 30, 2019 06:12 AM

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Pineview Company, a single member LLC, placed a $5,000 asset that is ineligible for full expensing in

Question:

Year Tax Deduction AMT Deduction AMT Adjustment Increases or Decreases 2019 $1,667 $1,250 2020 2,222 1,875 2021 740 1,250 2022 371 625

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For property placed into service after 1998 an AMT adjust...View the full answer

South-Western Federal Taxation 2020 Essentials Of Taxation Individuals And Business Entities

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