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Tax long Problem 13-50 - 13-20 The Alternative Minimum Tax...

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Unformatted text preview: 13-20 The Alternative Minimum Tax and Tax Credits 13-50 Gross income Relocation expense reimbursement $ 5.000 S salary ‘ ‘ ' mm R salary (STATE U.) 25.000 R salary (IEC) 60,000 State tax refund l.500 $l03,500 Deduction for A.(i.l. Rental of residence (6.000) Reimbursed relocation expenses (5,000) A.G.l. $ 92.500 ltemi'led deductions Medical: Medical unreimhursed $ 7.000 Less: 7.5% X 392.500 (6.938) S 62 Taxes: State and local Income $ 4.000 Property taxes on lake propcny 3.000 Property taxes on residence 2.000 9.000 Interest on residence 4.800 Charitable contributions 5,000 Miscellaneous itemived deductions: Unreimbursed relocation expenses 39 l.500 Temporary living expenses while away from home Rental $2,000 6 months l2.000 Food $400 6 months ($2.400 x 50%) l.200 R‘s transportation 2.500 R‘s lunches (SL200 x 50%) 600 S’s transportation 500 $ l8.300 Less 2% of A.G.l. (2% x $92,500) (L850) ‘ no.450 Total itemived deductions (35.3l2) Exemptions (4 x $3,650) (14,600) Taxable income 3 42.588 Regular tax liability $ 5,55l 54,71 Tau 6/64 ‘r (2,000)) (fir/J (org (fie/HT (/‘m>. ...
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