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In 2018, Deon and NeNe are married filing jointly. Deon and NeNe’s taxable income is $1,150,300, and they itemize their...

In 2018, Deon and NeNe are married filing jointly. Deon and NeNe’s taxable income is $1,150,300, and they itemize their deductions as follows: real property taxes of $13,200, charitable contributions of $27,050, and mortgage interest expense of $57,600 ($700,000 acquisition debt for home). Use Exhibit 8-5 and Tax Rate Schedule for reference. a. What is Deon and NeNe's AMT?

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Answer #1

a)

AMT of Deon and NeNe: Taxable Income S1,150,300 Less Mortgage Interest $57,600 Charitable Contributions S27,050 AMT Base befo

Therefore, AMT is $248,625.

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