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Which of the following is not an adjustment or tax preference item for 2018 for purposes...

Which of the following is not an adjustment or tax preference item for 2018 for purposes of the individual alternative minimum tax (AMT)?

a.Certain passive losses

b.Interest from private activity bonds

c.Cash charitable contributions

d.State income tax refunds

e.All of these choices are adjustment or tax preference items for AMT.

The Individual Alternative Minimum Tax (AMT) (LO 6.5)

Otto and Monica are married taxpayers who file a joint tax return. For the current tax year, they have AGI of $111,600. They have excess depreciation on real estate of $66,960, which must be added back to AGI to arrive at AMTI. The amount of their mortgage interest expense for the year was $22,320, and they made charitable contributions of $11,160. They have no other itemized deductions.

If Otto and Monica's taxable income for the current year is $78,120, determine the amount of their AMTI.
$

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Answer #1

Solution option (6) Interest from prevate activity bondę. 2) Calculation of AMTI:- AGI -. 111600 Add: Excess Depreciation on

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