Sylvester files as a single taxpayer during 2015 and claims

Sylvester files as a single taxpayer during 2015 and claims one personal exemption. He itemizes deductions for regular tax purposes. He paid charitable contributions of $7,000, real estate taxes of $1,000, state income taxes of $4,000, and interest on a home-equity loan of $2,000. Sylvester's regular taxable income is $100,000.
a) What is Sylvester's AMTI if he used the home-equity proceeds to purchase a car?
b) What is Sylvester's AMTI if he used the home-equity loan proceeds to build a new garage next to his home?
Related Book For answer-question

Taxation Of Individuals And Business Entities 2016

7th Edition

Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver

ISBN: 9781259334870

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