What is their alternative minimum taxable income

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Reference no: EM131886566

1) Ricardo and Sue are married and file a joint tax return for 2016 with a regular taxable income of $50,000 and tax preference and adjustments of $12,000.

a) What is their alternative minimum taxable income?

b) How much is do they owe in Alternative Minimum Tax liability?

2) Assume the same facts for Ricardo and Sue as 1 above except they have tax preferences and adjustments of $61,000. Their alternative minimum taxable income (AMTI) is $111,000.

a) How much is their tentative minimum tax (TMT)?

b) Should Ricardo and Sue pay TMT? Why?

Reference no: EM131886566

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