Required information [The following information applies to the questions displayed below.] In 2023, Deon and NeNe are married filing jointly. Deon and NeNe's taxable income (all ordinary) is $1,394,000, and they itemize their deductions as follows: real property taxes of $19,200, charitable contributions of $25,150, and mortgage interest expense of $41,400 ($700,000 acquisition debt for home). Use Exhibit 8-5 and Tax Rate Schedule for reference. What is Deon and NeNe's AMT? Deon and NeNe's AMT

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Required information
[The following information applies to the questions displayed below.]
In 2023, Deon and NeNe are married filing jointly. Deon and NeNe's taxable income (all ordinary) is $1,394,000, and they
itemize their deductions as follows: real property taxes of $19,200, charitable contributions of $25,150, and mortgage
interest expense of $41,400 ($700,000 acquisition debt for home). Use Exhibit 8-5 and Tax Rate Schedule for reference.
What is Deon and NeNe's AMT?
Deon and NeNe's AMT
Transcribed Image Text:Required information [The following information applies to the questions displayed below.] In 2023, Deon and NeNe are married filing jointly. Deon and NeNe's taxable income (all ordinary) is $1,394,000, and they itemize their deductions as follows: real property taxes of $19,200, charitable contributions of $25,150, and mortgage interest expense of $41,400 ($700,000 acquisition debt for home). Use Exhibit 8-5 and Tax Rate Schedule for reference. What is Deon and NeNe's AMT? Deon and NeNe's AMT
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