Sylvester files as a single taxpayer during 2021. He itemizes deductions for regular tax purposes. He paid charitable contributions of $7,900, real estate taxes of $2,100, state income taxes of $4,500, and mortgage interest of $1,950 on $32,400 of acquisition indebtedness on his home. Sylvester’s regular taxable income is $110,000.
Sylvester files as a single taxpayer during 2021. He itemizes deductions for regular tax purposes. He paid charitable contributions of $7,900, real estate taxes of $2,100, state income taxes of $4,500, and mortgage interest of $1,950 on $32,400 of acquisition indebtedness on his home. Sylvester’s regular taxable income is $110,000.
Chapter10: Deduct Ions And Losses: Certain Itemized Deduct Ions
Section: Chapter Questions
Problem 38P
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Sylvester files as a single taxpayer during 2021. He itemizes deductions for regular tax purposes. He paid charitable contributions of $7,900, real estate taxes of $2,100, state income taxes of $4,500, and mortgage interest of $1,950 on $32,400 of acquisition indebtedness on his home. Sylvester’s regular taxable income is $110,000.
What is Sylvester’s AMTI?
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