7. Zack who is single and takes the standard deduction, has taxable income of $160,000, tax...
Homework Answers
| Particulars | Amount |
| Taxable Income | 160,000 |
| Tax preferences | 30,000 |
| 190,000 | |
| AMT exemption | 71,700 |
| Income liable for AMT | 118,300 |
| AMT rate | 26% |
| AMT liability | 30,758 |
| Regular tax liability | 32,480 |
Since AMT liability is less than the regular tax liability hence no AMT will be payable.
The answer is e. None is correct
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7.
Zack who is single and takes the standard deduction, has taxable
income of $160,000, tax...
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13-19 Alternative Minimum Tax-Computation. T is single and has taxable income of $56,550 and a regular tax liability of $8,380.50 for the current year. T uses the standard deduction for regular tax purposes and has $60,000 of positive adjustments (excluding the adjustment for the standard deduction) for AMT purposes. a. Determine T's tentative minimum tax and her AMT. b. Determine the amount that T actually has to pay the IRS this year.
For 2019 Annita has gross income of $100,000 and deduction of $160,000 for regular tax purposes....
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For 2019 Bagco has gross income of $100,000 and deduction of $160,000 for regular tax purposes....
For 2019 Bagco has gross income of $100,000 and deduction of $160,000 for regular tax purposes. What are the tax consequences to Bagco in the current year CY? Would the result have any impact on Bagco’s tax liability in the prior year (PY) if it had taxable income in that year of $50,000 Suppose that for the following year (CY+1) Bagco has taxable income from all activities in that year of 30,000. Assume the tax rate is a flat 21%...
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2. Your client, who has a taxable income of $200.000, is concerned about being subject to alternative minimum tax (...
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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....
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