When Blair completed his general T1 tax return, he determined he had taxable income of $68,000. However,
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When Blair completed his general T1 tax return, he determined he had taxable income of $68,000. However, he then realized he also had to do an AMT calculation. Over the course of the year, Blair owned a rental property that had resulted in a net rental loss of $10,000. He had a mortgage on the property and claimed an interest expense of $8,000. Later in the year, he sold the rental property and realized a capital gain of $18,000. He also received $14,000 in regular dividends from a Canadian-controlled private corporation. What is Blair's adjusted taxable income for AMT purposes?
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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