Farr is single, has no dependents, and does not itemize her deductions. She reports the following items
Question:
Farr is single, has no dependents, and does not itemize her deductions. She reports the following items on her 2021 tax return.
a. Determine Farr’s AMT adjustments and preferences for 2021.
b. Calculate Farr’s AMT for 2021.
Transcribed Image Text:
Bargain element from the exercise of an ISO (no restrictions apply to the stock) MACRS depreciation on shopping mall building acquired in 2016 Percentage depletion in excess of property's adjusted basis Taxable income for regular tax purposes Regular tax liability $ 45,000 49,000 50,000 221,000 51,894
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a The AMT adjustments and preferences for 2021 are Adjustments Bargain ...View the full answer
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Related Book For
South-Western Federal Taxation 2022 Individual Income Taxes
ISBN: 9780357519073
45th Edition
Authors: James C. Young, Annette Nellen, William A. Raabe, Mark Persellin, William H. Hoffman
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