Johnetta Boudreaux, single, had taxable income of $550,000 in 2021. She itemized her deductions which consisted of
Question:
Johnetta Boudreaux, single, had taxable income of $550,000 in 2021. She itemized her deductions which consisted of the following:
State income taxes $ 8,400
Property taxes $ 9,300
Mortgage interest expense $18,900
Charitable contributions $12,000
Johnetta also had a state tax refund from 2020 of $2,400 received in 2021. She has itemized her deductions for the last seven years. Johnetta claimed Percentage Depletion of $420,000 for 2021 for a coal mine that she owns. The basis of the property at the end of the year, not including the $420,000, is $180,000. She also has interest of $1,200 from Private Activity Bonds purchased in 2018. Complete Form 6251 for Johnetta Boudreaux for the year of 2021. Her Social Security Number is 123-45-2020.
Financial Management Principles and Applications
ISBN: 978-0133423822
12th edition
Authors: Sheridan Titman, Arthur Keown, John Martin