Elijah is single. He holds a $12,000 AMT credit from 2016. In 2017, his regular tax liability
Question:
Elijah is single. He holds a $12,000 AMT credit from 2016. In 2017, his regular tax liability is $28,000 and his tentative minimum tax is $24,000. Does Elijah owe AMT in 2017? How much (if any) of the AMT credit can Elijah use in 2017?
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4000 of the credit can be used in 2017 An AMT credit can only be used to offset regular ta...View the full answer
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Saikumar Ramagiri
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Related Book For 
South Western Federal Taxation Individual Income Taxes 2018
ISBN: 9781337385893
41st Edition
Authors: William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young, Nellen
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