User Account

All Pages

Information from financial records

Assignment Help Finance Basics
Reference no: EM131550779

Tanya, who is head of household and age 32, provides you with the following information from her financial records for 2016.

Regular income tax liability$30,718AMT positive adjustments$30,000AMT preferences$20,000Taxable income$115,000

Calculate her AMTI for 2016.

a.$35,500.

b.$136,550.

c.$154,675.

d.$165,000

Maxwell, who is single, owns a personal residence in the city. He also owns a townhouse near the ocean. He uses the townhouse as a vacation home. In March 2016 he borrowed $50,000 on a home equity loan and used the proceed to acquire a luxury automobile. During 2016, he paid the following amounts of interest.

  • On his personal residence                     $15,000
  • On the townhouse                                     6,000
  • On the home equity loan                          4,000
  • On credit card obligations                         2,000

What amount, if any, must Maxwell recognize as an AMT adjustment in 2016?

a.$0.

b.$2,000.

c.$4,000.

d.$6,000.

 

Mandy, who is single and age 33, provides you with the following information from her financial records for 2016.

  • Regular income tax liability                      $ 8,000
  • AMT adjustments                                      10,000
  • AMT preferences                                       20,000
  • Taxable income                    79,050

Calculate her AMT for 2016

a.$6,339

b.$8,000

c.$14,339

d.0.

Reference no: EM131550779

Questions Cloud

How the historical-cultural information you have researched : Building on your work for Unit 3 "Complete," you are to show how the historical/cultural information you have researched shapes your understanding.
A life-changing moment - personal narrative instructions : A Life-Changing Moment - I discovered that you should not judge people on first appearances." Your job after this is to tell the story of this thesis statement
Gross profit margin be something to analyze : Every business aspires to be profitable. If a business is profitable, would the gross profit margin be something to analyze? If so, why?
What is the name and value of the multiplier : Consider drained weights of the contents of cans of Brand X green beans. Believable values for the process mean and standard deviation of these weights.
Information from financial records : Tanya, who is head of household and age 32, provides you with the following information from her financial records for 2016.
Describe course concepts that either have seemed familiar : Discuss your overall perceptions of the Research and Writing course thus far. Describe the course concepts that either have seemed familiar.
Key financial information necessary : The tool allows the student to review analyst reports and other key financial information necessary to evaluate the stock value.
What multiple of sigma would be used to set control limits : Consider again the scenario of, and suppose that instead of plotting averages to monitor location, the decision is made to plot medians.
Fallacies in the medias spotlight : Fallacies in the Medias Spotlight - Identify and research a person in the media's spotlight who has used a specific logical fallacy.

Reviews

Write a Review

Finance Basics Questions & Answers

  Financial reporting and analysis

Finance is about Gunns Ltd, a company in dealing with forestry products in Australia. The company has also been listed in Australian Stock Exchange. As many companies producing forestry products, even Gunns Ltd is facing various problems. Due to the ..

  A report on financial accounting

This report is specific for a core understanding for Financial Accounting and its relevant factors.

  Describe the types of financial ratios

Describe the types of financial ratios and other financial performance measures that are used during venture's successful life cycle.

  Differences between sole proprietorship and corporation

Briefly describe the major differences between a sole proprietorship and a corporation

  Prepare a cash budget statement

Calculate the expected value of the apartment in 20 years' time. What is the mortgage loan repayment at the beginning of each month

  What are the implied interest rates

What are the implied interest rates in Europe and the U.S.?

  State pricing theory and no-arbitrage pricing theory

State pricing theory and no-arbitrage pricing theory

  Small business administration

Identify the likely stage for each venture and describe the type of financing each venture is likely to be seeking and identify potential sources for that financing.

  Effect of financial leverage

The Effect of Financial Leverage and working capital management

  Evaluate the basis for the payment to the lender

Evaluate the basis for the payment to the lender and basis for the payment to the company-counterparty.

  Importance of opps, ipps, mpfs and dmepos

Research and discuss the differences and importance of : OPPS, IPPS, MPFS and DMEPOS.

  Time value of money

Time Value of Money project

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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