Homework Answers
1.c. $23 AMT Gain
AMT Gain = Market Price of Stock - Exercise Price of stock
= $33 - $10 = $23
2. b. cash contribution to your client's church of $18000.
Some deductions that are available under AMC are home mortgage interest and charitable deductions.
3. c. $71,700
The AMT exemption amount for 2019 is $71,700 for singles.
4. c. 111,700
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4. In 2019, Chel (a surviving spouse) has an AMTI of $1,289,100. What is Chel's AMT...
4. In 2019, Chel (a surviving spouse) has an AMTI of $1,289,100. What is Chel's AMT exemption this year? a. $0. b. $44,575. c. $111,700. d. $1,020,600. aNU NOLLDET3 5. George, age 50, has deductible medical expenses of $12,000 under the regular tax system and an AGI of $100,000. What are the tax consequences for computing George's AMTI? a. George's AMTI is not affected by his medical expenses. b. $300 of George's medical expenses must be added back to compute...
Jiems are available at Uctice Portal e incentive stock option (ISO) on January 10, 2018. The...
Jiems are available at Uctice Portal e incentive stock option (ISO) on January 10, 2018. The exercise price on the exercise date (June 12, 2019) is $33. What is the AMT 1. HHH Company grants He price is $10 consequence when ce is $10. The market price on the uence when Henry exercises the ISO? a. $0 AMT gain. b. $10 AMT gain. c. $23 AMT gain. d. $33 AMT gain. ble income of $200,000, is concerned about being subject...
Bob, an unmarried taxpayer filing single, has no dependents and reports the following items on his...
Bob, an unmarried taxpayer filing single, has no dependents and reports the following items on his 2019 federal income tax return: BE: (Click the icon to view the items reported in 2019.) 5 (Click the icon to view the 2019 AMT exemption amounts.) Read the requirements. Requirement a. What is the amount of Bob's AMT adjustments related to itemized deductions? Complete the table below to determine Bob's total AMT adjustments related to itemized deductions. (If a box is not used...
David, an unmarried taxpayer filing single with no dependents, has AGI of $690,000 and reports the...
David, an unmarried taxpayer filing single with no dependents, has AGI of $690,000 and reports the following items in 2019: BE: (Click the icon to view the items reported in 2019.) (Click the icon to view the 2019 AMT exemption amounts.) Requirement What is David's AMT liability for 2019? Begin by computing David's alternative minimum tax base amount for 2019. (Do not round intermediary calculations, only round the amounts you enter into the input cell to the nearest whole Plus:...
All data and information are in the pictures posted Wayne and Mary Sutherby are a married...
All
data and information are in the pictures posted
Wayne and Mary Sutherby are a married couple filing jointly. They have no children and report the following items in 2019: E (Click the icon to view the items reported in 2019.) Read the requirements. E (Click the icon to view the 2019 AMT exemption amounts.) Data Table (a) (b) Sutherby's AMT Wayne's AMT Taxable income 120,000 Tax preferences 19,000 AMT adjustments related to itemized deductions 34,000 Plus: 18,117 Regular tax...
2. Your client, who has a taxable income of $200.000, is concerned about being subject to alternative minimum tax (...
2. Your client, who has a taxable income of $200.000, is concerned about being subject to alternative minimum tax (AMT). The following income and deductions were included in compung taxable income. Select the one item that may be added to (or subtracted from regular taxable income in calculating the AMT. a. A long-term capital gain of $90,000. b. A cash contribution to your client's church of $18,000. c. Dividend income of $80,000. d. A state income tax deduction of $8,000....
In each of the following cases, compute AMT (if any). For all cases, assume that taxable...
In each of the following cases, compute AMT (if any). For all cases, assume that taxable income does not include any dividend income or capital gain. a. Mr. and Mrs. Baker's taxable income on their joint return was $206,000, and their AMTI before exemption was $208,400. b. Mr. Costa's taxable income on his single return was $182,160, and his AMTI before exemption was $203,400. c. Ms. White's taxable income on her single return was $659,075, and her AMTI before exemption...
In each of the following cases, compute AMT (if any). For all cases, assume that taxable...
In each of the following cases, compute AMT (if any). For all cases, assume that taxable income does not include any dividend incom or capital gain. a. Mr. and Mrs. Baker's taxable income on their joint return was $221,000, and their AMTI before exemption was $221,900. b. Mr. Costa's taxable income on his single return was $194,310, and his AMTI before exemption was $216,900. c. Ms. White's taxable income on her single return was $680,075, and her AMTI before exemption...
Required information [The following information applies to the questions displayed below) In 2019, Sven is single...
Required information [The following information applies to the questions displayed below) In 2019, 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, and mortgage interest expense of $15,000 (acquisition debt of $300,000). He also has a positive AMT depreciation adjustment of $500. a. What is Sven's alternative minimum taxable income (AMTI)? Description Amount AMTI
Filing Status Exemption Phase-Out Begins at This Level of AMTI Phase-Out Complete for This level of...
Filing Status Exemption Phase-Out Begins at This Level of AMTI Phase-Out Complete for This level of AMTI Married filing jointly $111,700 $1,020,600 $1,467,400 Married filing separately 55,850 510,300 733,700 Head of household and single 71,700 510,300 797,100 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: $ 19,400 10% of taxable income $ 19,400 S_78,950 $1,940 plus 12% of the excess over $19,400 $ 78,950 $168,400 $9,086 plus 22% of the...
4. In 2019, Chel (a surviving spouse) has an AMTI of $1,289,100. What is Chel's AMT exemption this year? a. $0. b. $44,575. c. $111,700. d. $1,020,600. aNU NOLLDET3 5. George, age 50, has deductible medical expenses of $12,000 under the regular tax system and an AGI of $100,000. What are the tax consequences for computing George's AMTI? a. George's AMTI is not affected by his medical expenses. b. $300 of George's medical expenses must be added back to compute...
Jiems are available at Uctice Portal e incentive stock option (ISO) on January 10, 2018. The exercise price on the exercise date (June 12, 2019) is $33. What is the AMT 1. HHH Company grants He price is $10 consequence when ce is $10. The market price on the uence when Henry exercises the ISO? a. $0 AMT gain. b. $10 AMT gain. c. $23 AMT gain. d. $33 AMT gain. ble income of $200,000, is concerned about being subject...
Bob, an unmarried taxpayer filing single, has no dependents and reports the following items on his 2019 federal income tax return: BE: (Click the icon to view the items reported in 2019.) 5 (Click the icon to view the 2019 AMT exemption amounts.) Read the requirements. Requirement a. What is the amount of Bob's AMT adjustments related to itemized deductions? Complete the table below to determine Bob's total AMT adjustments related to itemized deductions. (If a box is not used...
David, an unmarried taxpayer filing single with no dependents, has AGI of $690,000 and reports the following items in 2019: BE: (Click the icon to view the items reported in 2019.) (Click the icon to view the 2019 AMT exemption amounts.) Requirement What is David's AMT liability for 2019? Begin by computing David's alternative minimum tax base amount for 2019. (Do not round intermediary calculations, only round the amounts you enter into the input cell to the nearest whole Plus:...
All
data and information are in the pictures posted
Wayne and Mary Sutherby are a married couple filing jointly. They have no children and report the following items in 2019: E (Click the icon to view the items reported in 2019.) Read the requirements. E (Click the icon to view the 2019 AMT exemption amounts.) Data Table (a) (b) Sutherby's AMT Wayne's AMT Taxable income 120,000 Tax preferences 19,000 AMT adjustments related to itemized deductions 34,000 Plus: 18,117 Regular tax...
2. Your client, who has a taxable income of $200.000, is concerned about being subject to alternative minimum tax (AMT). The following income and deductions were included in compung taxable income. Select the one item that may be added to (or subtracted from regular taxable income in calculating the AMT. a. A long-term capital gain of $90,000. b. A cash contribution to your client's church of $18,000. c. Dividend income of $80,000. d. A state income tax deduction of $8,000....
In each of the following cases, compute AMT (if any). For all cases, assume that taxable income does not include any dividend income or capital gain. a. Mr. and Mrs. Baker's taxable income on their joint return was $206,000, and their AMTI before exemption was $208,400. b. Mr. Costa's taxable income on his single return was $182,160, and his AMTI before exemption was $203,400. c. Ms. White's taxable income on her single return was $659,075, and her AMTI before exemption...
In each of the following cases, compute AMT (if any). For all cases, assume that taxable income does not include any dividend incom or capital gain. a. Mr. and Mrs. Baker's taxable income on their joint return was $221,000, and their AMTI before exemption was $221,900. b. Mr. Costa's taxable income on his single return was $194,310, and his AMTI before exemption was $216,900. c. Ms. White's taxable income on her single return was $680,075, and her AMTI before exemption...
Required information [The following information applies to the questions displayed below) In 2019, 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, and mortgage interest expense of $15,000 (acquisition debt of $300,000). He also has a positive AMT depreciation adjustment of $500. a. What is Sven's alternative minimum taxable income (AMTI)? Description Amount AMTI
Filing Status Exemption Phase-Out Begins at This Level of AMTI Phase-Out Complete for This level of AMTI Married filing jointly $111,700 $1,020,600 $1,467,400 Married filing separately 55,850 510,300 733,700 Head of household and single 71,700 510,300 797,100 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: $ 19,400 10% of taxable income $ 19,400 S_78,950 $1,940 plus 12% of the excess over $19,400 $ 78,950 $168,400 $9,086 plus 22% of the...
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