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Question - Greg is single, age 30 with 2020 taxable income of $375,000 and AGI of $400,000. He took the standard deduction in 2020.
Greg's income included $150,000 of municipal interest. He invested the cash from a loan, paying $10,000 of interest expense on those funds. 15% of his municipal bonds are private activity bonds.
He also gets depletion deductions from a pass-through. His basis was $75,000 on 1/1/20 and $20,000 on 12/31/20. His total percentage depletion deduction is $55,000.
What is Greg's AMTI?
a. $434,900
b. None of these
c. $444,900
d. $409,900
e. $408,400
Part 1: Compute the gain or loss on the immediate sale of the old scanner.
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