In 2021, Sven is single and has $138,000 of regular taxable income. He itemizes his deductions as follows: real property tax of $2,900, state income tax of $4,900, and mortgage interest expense of $19,500 (acquisition debt of $300,000). He also has a positive AMT depreciation adjustment of $2,300. at is Sven's alternative minimum taxable income (AMTI)?
In 2021, Sven is single and has $138,000 of regular taxable income. He itemizes his deductions as follows: real property tax of $2,900, state income tax of $4,900, and mortgage interest expense of $19,500 (acquisition debt of $300,000). He also has a positive AMT depreciation adjustment of $2,300. at is Sven's alternative minimum taxable income (AMTI)?
Chapter12: Alternative Minimum Tax
Section: Chapter Questions
Problem 24CE
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Transcribed Image Text:In 2021, Sven is single and has $138,000 of regular taxable income. He itemizes his deductions as follows: real property
tax of $2,900, state income tax of $4,900, and mortgage interest expense of $19,500 (acquisition debt of $300,000). He
also has a positive AMT depreciation adjustment of $2,300.
a. What is Sven's alternative minimum taxable income (AMTI)?
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AMTI
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ISBN:
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Author:
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Publisher:
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