Promoted and received a substantial raise

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Reference no: EM131128499

1. LO.1 Kelly recently was promoted and received a substantial raise. She talks to her tax adviser about the potential tax ramifications. After making some projections, her adviser "welcomes her to the AMT club." Kelly believes that it is unfair that she must pay more than the regular income tax, as she is a "HENRY" (high earner not rich yet) with substantial college-related debts. Explain to Kelly the purpose of the AMT and why it applies to her.

Reference no: EM131128499

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