Dick Jones, a single taxpayer, had $70,000 in taxable income before personal exemptions in the current year.

Fantastic news! We've Found the answer you've been seeking!

Question:

Dick Jones, a single taxpayer, had $70,000 in taxable income before personal exemptions in the current year. Jones had no tax preferences. His itemized deductions were as follows:

State and local income taxes $5,000

Home mortgage interest on loan to acquire residence 6,000

Miscellaneous deductions exceeding 2% of AGI 2,000

What amount did Jones report as alternative minimum taxable income before the AMT exemption?

Related Book For answer-question

Fundamentals of Taxation 2017

ISBN: 9781259752735

10th edition

Authors: Ana Cruz, Michael Deschamps, Frederick Niswander, Debra Prendergast, Dan Schisler, Jinhee Trone

See More Books

Posted Date: Nov 29, 2017 11:48 PM

See More Questions

What amount did Apple report as "Other comprehensive income (loss)" in its consolidated statement of comprehensive income ending September 26, 2015? By what percentage did Apple's "Comprehensive...
Jesse Brimhall is single. In 2014, his itemized deductions were $4,000 before considering any real property taxes he paid during the year. Jesse's adjusted gross income was $70,000 (also before...
Jesse Brimhall is single. In 2016, his itemized deductions were $4,000 before considering any real property taxes he paid during the year. Jesse's adjusted gross income was $70,000 (also before...
Rennie Plant Service completed a special landscaping job for Brenton Company. Rennie uses ABC and has the following predetermined overhead allocation rates The Brenton job included $1,500 in plants;...
What is HIPAA, and what are some of its potential impacts on IT workers in hospitals and other health care provider organizations?
Why are consumption patterns similar across industrialized countries despite cultural differences?
The numbers of earned degrees conferred (in thousands) in 2014 are shown in the table at the right. Use a pie chart to organize the data. Earned Degrees Conferred in 2014 Type of Number degree (in...
Consider the following time series data: a. Construct a time series plot. What type of pattern exists in the data? b. Develop a three-week moving average for this time series. Compute MSE and a...
At December 31, 2025, Novak had the following number of common and preferred shares. Common Preferred Authorized 564,000 60,000 Issued 188,000 10,000 Outstanding 179,000 10,000 I The dividends on...
1. Case Exhibit 2 presents monthly data of units produced and sold, and actual costs incurred, for 24 months. B Create a scatterplot of costs and units. b. From your scatterplot, estimate the...
1. Consider a grant to CEO of 500,000 call options (at-the-money warrants on the firm's stock). Assume that the options have 10 years to expiration, the firm's stock is currently trading at $63,...
Which one of the following pairs is NOT correctly matched; (input $=x(t)$ and output $=y(t))$ (a) Unstable system $\frac{d y(t)}{d t}-0.1 y(t)=x(t)$ (b) Nonlinear system .... \(\frac{d y(t)}{d...
Evaluate each expression in Problems 3-32. (3.2.3)
Describe, and explain each stage of, the cycle of profit planning and control.
Pickle Corporation issued nonvoting preferred stock with a fair market value of $4,000,000 in exchange for all the outstanding common stock of Sickle Corporation. On the date of the exchange, Sickle...
Some automobiles have five-button locks. To gain entry, push each of the five buttons, in a particular order, to unlock the door. How many different five-digit sequences are possible?
Odysseyware Imagine that you work for a company that manufactures and sells sportsware. You need a good way to keep track of the products in your inventory. You also need to be able to tell customers...
Write the binomial probability in words. Then, use a continuity correction to convert the binomial probability to a normal distribution probability. P(x 110)
Explain in your own words, how Australian federal taxation legislation is created.Please clearly explain the steps needed to create federal laws in Australia.
Clay Company uses the completed contract method on a contract that requires 14 months to complete. The contract is for $750,000, and has estimated costs of $425,000. At the end of 2016, $210,000 of...
In 2016, Rosalva sold stock considered short-term for a gain of $875 and stock considered long-term for a loss of $3,400. She also had a $3,000 short-term loss carryover from 2015 and a $1,240...
Respond to the following independent situations: a. Masa and Haiming, husband and wife, filing jointly, earn $275,000 in salaries and do not have any net investment income. (1). How much in surtax...
Margin of error = 3.5 ml, standard deviation = 155.2 ml
An economist wants to estimate mean annual income from the first year of work for college graduates who have had the profound wisdom to take a statistics course. How many such incomes must be found...
The Wechsler IQ test is designed so that the mean is 100 and the standard deviation is 15 for the population of normal adults. Find the sample size necessary to estimate the mean IQ score of Delaware...

Dick Jones, a single taxpayer, had $70,000 in taxable income before personal exemptions in the current year.

Question:

Expert Answer:

Alternative minimum taxable income before the AMT exemption 7000... View the full answer

Fundamentals of Taxation 2017

Students also viewed these accounting questions