Question

In 2017, Sven is single and has $120,000 of regular taxable income. He itemizes his deductions...

In 2017, Sven is single and has $120,000 of regular taxable income. He itemizes his deductions as follows: real property tax of $2,000, state income tax of $4,000, mort- gage interest expense of $15,000 (not a home-equity loan). He also paid $2,000 in tax preparation fees and has a positive AMT depreciation adjustment of $500. What is Sven’s alternative minimum taxable income (AMTI)? Complete Form 6251 (through line 28) for Sven.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
5-In 2019, Nadia has $100,000 of regular taxable income. She itemizes her deductions as follows: real...
5-In 2019, Nadia has $100,000 of regular taxable income. She itemizes her deductions as follows: real property taxes of $1,500, state income taxes of $2,000, and mortgage interest expense of $10,000 (acquisition indebtedness of $200,000). In addition, she receives tax-exempt interest of $1,000 from a municipal bond (issued in 2006) that was used to fund a new business building for a (formerly) out-of-state employer. Finally, she received a state tax refund of $600 from the prior year. What is Nadia’s...
Sylvester files as a single taxpayer during 2017 and claims one personal exemption. He itemizes deductions...
Sylvester files as a single taxpayer during 2017 and claims one personal exemption. He itemizes deductions for regular tax purposes. He paid charitable contributions of $16,600, real estate taxes of $3,300, state income taxes of $6,350, and interest on a home-equity loan of $4,800. Sylvester’s regular taxable income is $163,000. a. What is Sylvester's AMTI if he used the home-equity proceeds to purchase a car?
1.Sylvester files as a single taxpayer during 2015 and claims one personal exemption. He itemizes deductions...
1.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 $9,100, real estate taxes of $2,800, state income taxes of $6,900, and interest on a home-equity loan of $2,300. Sylvester’s regular taxable income is $188,000. What is Sylvester's AMTI if he used the home-equity proceeds to purchase a car? What is Sylvester's AMTI if he used the home-equity loan proceeds to build a new garage...
234. Alejandro is a married taxpayer and he files a joint return. His adjusted gross income...
234. Alejandro is a married taxpayer and he files a joint return. His adjusted gross income after deductions in 2019 is $250,000. The deductions that he needs to add back in for AMT purposes are $6,000 in state and local taxes and $4,000 in personal property taxes. Based on Alejandro’s alternative minimum taxable income (AMTI) of $260,000, he is entitled to subtract the what amount of the AMT exemption to arrive at his final taxable amount? A. $0 B. $54,700...
a long term contract on the construction of a personal residence shows the following in 2017:...
a long term contract on the construction of a personal residence shows the following in 2017: Cost incurred to date in 2017 is $25,000. Royce Burnett, a taxpayer, elects to report the profit for regular tax purposes using the completed contract method. Which of the following statements is true regarding the alternative minimum taxable income (AMTI) adjustment for 2017? A. Royce can decrease regular taxable income by $15,000. B. Royce can decrease regular taxable income by $30,000. C. Royce can...
Leonardo, who is married but files separately, earns $80,000 of taxable income. He also has $15,000...
Leonardo, who is married but files separately, earns $80,000 of taxable income. He also has $15,000 in city of Tulsa bonds. His wife, Theresa, earns $50,000 of taxable income. If Leonardo instead had $30,000 of additional tax deductions for year 2017, his marginal tax rate on the deductions would be:
Dan and Maureen file a joint income tax return for 2017. They have two dependent children,...
Dan and Maureen file a joint income tax return for 2017. They have two dependent children, ages 7 and 9. Together they earn wages of $152,000. They also receive taxable interest income of $8,000 and interest on private activity bonds issued by the City of Los Angeles of $12,000. During 2017, they received a state income tax refund of $3,000 relating to their 2016 state income tax return on which they itemized deductions. Their expenses for the year consist of...
Dan and Maureen file a joint income tax return for 2017. They have two dependent children,...
Dan and Maureen file a joint income tax return for 2017. They have two dependent children, ages 7 and 9. Together they earn wages of $152,000. They also receive taxable interest income of $8,000 and interest on private activity bonds issued by the City of Los Angeles of $12,000. During 2017, they received a state income tax refund of $3,000 relating to their 2016 state income tax return on which they itemized deductions. Their expenses for the year consist of...
Compute the taxable income for 2017 for Aiden on the basis of the following information. Aiden...
Compute the taxable income for 2017 for Aiden on the basis of the following information. Aiden is married but has not seen or heard from his wife since 2015. Salary $80,000 Interest on bonds issued by City of Boston 3,000 Interest on CD issued by Wells Fargo Bank 2,000 Cash dividend received on Chevron common stock 2,200 Life insurance proceeds paid upon death of aunt (Aiden was the designated beneficiary of the policy) 200,000 Inheritance received upon death of aunt...
Problem 8-64 (LO 8-2) [The following information applies to the questions displayed below.] In 2017, Janet...
Problem 8-64 (LO 8-2) [The following information applies to the questions displayed below.] In 2017, Janet and Ray are married filing jointly. They have five dependent children under 18 years of age. Janet and Ray’s taxable income is $140,000, and they itemize their deductions as follows: real property taxes of $5,000, state income taxes of $9,000, and mortgage interest expense of $15,000 (not a home-equity loan). (Use 2017 AMT exemption amounts). Use Tax Rate Schedule for reference. (Round your intermediate...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT