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Calculate Benny gain for regular income tax purposes

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Reference no: EM132807037

Problem - Benny sells an apartment building. His adjusted basis for regular income tax purposes is $450,000, and it is $475,000 for AMT purposes. He receives $700,000 from the sale.

Required -

a. Calculate Benny's gain for regular income tax purposes.

b. Calculate Benny's gain for AMT purposes.

c. Calculate any applicable AMT adjustment.

Reference no: EM132807037

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