FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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](https://content.bartleby.com/qna-images/question/c923b500-6c7a-449c-abb6-538d4698df0e/90872cae-75b7-4463-b71f-1d993c7fa86a/988i1on_processed.jpeg)
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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