421 chapter 12 in-class problems-completed

421 chapter 12 in-class problems-completed - 31 Taxable...

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31 Taxable income 190,000 Positive AMT adjustments 75,000 Negative AMT adjustments (70,000) AMT preferences 30,000 AMTI 225,000 allowed exemption (18,175) AMT base 206,825 32 Taxable income 160,000 less beginning of bracket amount (82,250) excess over bracket amount 77,750 tax rate from bracket 28% tax on excess amount 21,770 tax from bracket 16,750 total regular income taxl liability 38,520 Taxable income 160,000 AMT positive adjustments 40,000 AMT preferences 35,000 AMTI 235,000 allowable exemption (16,075) AMT base 218,925 Tenative minimum tax: 175,000 x 26% 45,500 43,925 x 28% 12,299 Tenative minimum tax: 57,799 Regular income tax (38,520) Alternative minimum tax 19,279
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34 Single AMTI 160,000 less statutory amount (112,500) 47,500 Statutory phase-out % 25% Exemption phase-out amt. (11,875) Exemption amount 46,700 Allowable exemption 34,825 38 a Placed in service in January, 1997: For regular tax purposes: 340,000 x 3.636% For AMT purposes: 340,000 x 2.5% Positive AMT adjustment in 2009 b Placed in service in January, 2009: For regular tax purposes: 340,000 x 3.485% Same for AMT purposes as the building is placed int 41 2009 Regular tax purposes (600,000) AMT purposes 215,000 AMT adjustment (385,000) 44 Regular tax Sales price 250,000 less adjusted basis (100,000) Gain 150,000 No AMT adjustment for the land sale as basis was th Apt. Building-regular tax gain AMT gain
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AMT adjustment 46 a 11,000 4,000 1,500 13,000 29,500 (15,000) less 7.5% AGI of $200,000 14,500 medical expense dedution for regular tax b 11,000 4,000
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This note was uploaded on 03/19/2011 for the course ACCT 4 taught by Professor Berry during the Spring '11 term at Old Dominion.

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421 chapter 12 in-class problems-completed - 31 Taxable...

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