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Author Question: Rex has the following AMT adjustment factors: -Depreciation of real property acquired in 1996 using ... (Read 15 times)

strangeaffliction

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on: Sep 13, 2020

Question 1

Reva and Josh Lewis had alternative minimum taxable income of $350,000 in 2016 and file a joint return. For purposes of computing the alternative minimum tax, their exemption is
◦ $36,225.
◦ $47,575.
◦ $0.
◦ $83,800.

Question 2

Rex has the following AMT adjustment factors:
-Depreciation of real property acquired in 1996 using MACRS is $22,000 while depreciation for AMT purposes is $15,000.
-R&E expenditures amounting to $60,000 are expensed.
The net adjustment is
◦ $7,000.
◦ $54,000.
◦ $61,000.
◦ $67,000.
Federal Taxation 2017 Individuals ¦ Pope, Rupert, Anderson ¦ 30th Edition
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Marked as best answer by strangeaffliction on Sep 13, 2020

swimkari

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Reply #1 on: Sep 13, 2020
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strangeaffliction

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Reply 2 on: Sep 13, 2020
Great answer, keep it coming :)

atrochim

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Reply 3 on: Yesterday
Wow, this really help

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