Otto and Monica are married taxpayers who file a joint tax return. For the current tax year,
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Otto and Monica are married taxpayers who file a joint tax return. For the current tax year, they have AGI of $156,000. They have excess depreciation on reas estate of $93,600, which must be added back to AGt to arrive at AMTI. The amount of their mortgage interest expense for the year was $31,200, and they made charitable contributions of $15,600. If Otto and Monica's taxable income for the current year is $109,200 determine the amount of their AMTI before the exemption.
Related Book For
Income Tax Fundamentals 2019
ISBN: 9781337703062
37th Edition
Authors: Gerald E. Whittenburg, Steven Gill
Posted Date: