What is Sven alternative minimum taxable income

Assignment Help Accounting Basics

Reference no: EM131888144

Question: In 2016, Sven is single and has $120,000 of regular taxable income. He itemizes his deductions as follows: real property tax of $2,000, state income tax of $4,000, mortgage interest expense of $15,000 (not a home-equity loan). He also paid $2,000 in tax preparation fees and has a positive AMT depreciation adjustment of $500.

a. What is Sven's alternative minimum taxable income (AMTI)?

Reference no: EM131888144

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