Betty is age 34 and has AGI of $50,000 and regular taxable income of $35,000. The following
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Betty is age 34 and has AGI of $50,000 and regular taxable income of $35,000. The following items may qualify as itemized deductions for Betty:
What is the alternative minimum taxable income (AMTI)?
a. $35,000
b. $37,500
c. $37,000
d. $52,800
Transcribed Image Text:
Qualified medical expenses (before percentage of AGI floor) $3,000 Real estate tax 1,200 State income tax 800 Charitable contributions 600 Mortgage interest on acquisition indebtedness Home equity interest on a loan used to improve the home 2,000 300
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Related Book For
South-Western Federal Taxation 2022 Essentials Of Taxation Individuals And Business Entities
ISBN: 9780357519431
25th Edition
Authors: Annette Nellen, Andrew D. Cuccia, Mark Persellin, James C. Young, David M. Maloney
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