How much is colbys tentative minimum tax on line

Assignment Help Taxation
Reference no: EM133608096

Problem: Colby, a single father, has federal AGI of $155,000 for the taxable year. Because he had several special tax treatment items, he owes California AMT and must complete Schedule P (540). Alternative Minimum Taxable Income on line 21 is $174,000. The exemption amount for single/HOH is $78,070. How much is Colby's Tentative Minimum Tax on line 24 of Schedule P (540)?

Reference no: EM133608096

Questions Cloud

Explain the unethical real estate practice that has occurred : Identify and explain the unethical real estate practice that has occurred. Explain how the unethical practice relates to consumer protection requirements.
What do jobs friends do right : What do Job's friends do right? How are they, at first, exhibiting charity? Why do they change their approach?
What basis will maggie have in the summer home : In view of these facts, what basis will Maggie have in the summer home? What basis will Maggie have in the tract of land she purchased for investment?
Why do many white people have difficulty recognizing : Why do many white people have difficulty recognizing and articulating what it means for them to be white?
How much is colbys tentative minimum tax on line : Colby, a single father, has federal AGI of $155,000 for the taxable year. How much is Colby's Tentative Minimum Tax on line 24 of Schedule P (540)?
How does gregory adjust his california itemized deductions : Gregory paid $8,400 in mortgage interest during the tax year. How does Gregory adjust his California itemized deductions?
What amount of the taxes listed above would be allowed : On her federal return, Angelita deducted state taxes withheld. What amount of the taxes listed above would be allowed as a deduction on her California return?
Who are put on psychotropic medications : What are your thoughts about the increasing number of children who are put on psychotropic medications?
Indicate which of the preceding expenditures you feel : Indicate which of the preceding expenditures you feel that Variety Manufacturing Ltd. will be able to deduct in 2021 in the calculation of net business income.

Reviews

Write a Review

Taxation Questions & Answers

  ACC455 Corporate Taxation Assignment

ACC455 Corporate Taxation Assignment Help and Solution-University of Phoenix USA. What is difference between aggregate and entity theory of partnership taxation

  Describe the analyst process to master and analyze data

Describe the analyst's process to master and analyze data, including reference to specific methodologies. Why is this process increasingly important

  Prepare a Form 1040

Based on the information presented, prepare a Form 1040 (married filing jointly), Schedule A, Schedule C (or C-EZ), Schedule E, and Schedule SE

  Evaluate clarks tax basis in his kal-el interest

Evaluate Clark's tax basis in his Kal-El interest on December 31, 20X1?

  Discusses how the fraud was detected

Pepare an investigative plan that discusses how the fraud was detected and how the fraud could have been prevented (risk management).

  Net effect of arrangement-reduction in income tax liability

The net effect of this arrangement is a reduction in their income tax liability - Will Carol and Jared''s plan work? Explain

  Compare the tax treatment of capital gains and losses

Compare the tax treatment of capital gains and losses by a corporation and by an individual - what are organizational expenditures? How are they treated for tax purposes?

  Evaluate the npv and the profitability index

Evaluate the NPV, and the Profitability Index(PI) for this project. Should this project be undertaken?

  Determine the cost of the CNC machine

T2.2019, HA3042 Taxation Law Individual Assignment - Advise Jasmine of the CGT consequences of the above sales

  Discuss the atos test case litigation program

Discuss the ATOs Test Case Litigation Program - Alice will receive a salary of $25,000 for the management of the shop, as well as superannuation contributions

  How much tax revenue will the freedmanian government

How much tax revenue will the Freedmanian government collect from a typical consumer? Use a graph with medicine on the horizontal axis and tequila on the vertical axis to explain. Clearly label budget lines and indifference curves.

  How much income should mark have recognized

How much income should Mark have recognized in the year the option was granted - How much income does Mark recognize when he exercises the option?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd