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Information from financial records

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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

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