b. Her AMT base is $375,000, all ordinary income.
Chapter8: Taxation Of Individuals
Section: Chapter Questions
Problem 57P
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In 2023, Juanita is married and files a joint tax return with her husband. What is her tentative minimum tax in each of the
following alternative circumstances? Use Tax Rate Schedule, Dividends and Capital Gains Tax Rates for reference.
Note: Input all values as positive. Leave no answer blank. Enter zero if applicable.
b. Her AMT base is $375,000, all ordinary Income.
Answer is complete but not entirely correct.
Description
Amount
(1) AMT base
$ 375,000
(2) Dividends taxed at preferential rate
(3) Tax on dividends
(4) AMT base taxed at regular AMT rates
0
0
375,000
(5) Tax on AMT base taxed at 26% rate
40,118
(6) Tax on AMT base taxed at 28% rate
43,204
Tentative minimum tax
S
83,322](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2d7888ab-ef79-4e00-8ab0-92cda8ccd67f%2F3763d42f-641c-4a70-952b-ac08359b5609%2F1e57zf_processed.png&w=3840&q=75)
Transcribed Image Text:!
Required Information
The following information applies to the questions displayed below]
In 2023, Juanita is married and files a joint tax return with her husband. What is her tentative minimum tax in each of the
following alternative circumstances? Use Tax Rate Schedule, Dividends and Capital Gains Tax Rates for reference.
Note: Input all values as positive. Leave no answer blank. Enter zero if applicable.
b. Her AMT base is $375,000, all ordinary Income.
Answer is complete but not entirely correct.
Description
Amount
(1) AMT base
$ 375,000
(2) Dividends taxed at preferential rate
(3) Tax on dividends
(4) AMT base taxed at regular AMT rates
0
0
375,000
(5) Tax on AMT base taxed at 26% rate
40,118
(6) Tax on AMT base taxed at 28% rate
43,204
Tentative minimum tax
S
83,322
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