Celia and amos who are married filing jointly have

This preview shows page 9 - 13 out of 30 pages.

We have textbook solutions for you!
The document you are viewing contains questions related to this textbook.
South-Western Federal Taxation 2020: Individual Income Taxes
The document you are viewing contains questions related to this textbook.
Chapter 7 / Exercise 30
South-Western Federal Taxation 2020: Individual Income Taxes
Young/Nellen/Hoffman
Expert Verified
79. Celia and Amos, who are married filing jointly, have one dependent and do not itemize deductions. They have taxable income of $82,000 and tax preferences of $53,000 in 2012. What is their AMT base for 2012? A. $0. B. $85,925. C. $94,450. D. $158,300. E. None of the above.
80. Robin, who is a head of household and age 42, provides you with the following information from his financial records for 2012. Regular income tax liability $ 42,776 AMT positive adjustments AMT preferences Taxable income Calculate his AMT for 2012.
We have textbook solutions for you!
The document you are viewing contains questions related to this textbook.
South-Western Federal Taxation 2020: Individual Income Taxes
The document you are viewing contains questions related to this textbook.
Chapter 7 / Exercise 30
South-Western Federal Taxation 2020: Individual Income Taxes
Young/Nellen/Hoffman
Expert Verified
81. Kay, who is single, had taxable income of $0 in 2012. She has positive timing adjustments of $206,300 and exclusion items of $100,000 for the year. What is the amount of her alternative minimum tax credit for carryover to 2013?
82. Sand Corporation, a calendar year taxpayer, has alternative minimum taxable income [before adjustment for adjusted current earnings (ACE)] of $750,000 for 2012. If Sand’s (ACE) is $975,000, its tentative minimum tax for 2012 is:
83. Mauve, Inc., has the following for 2011, 2012, and 2013 and no prior ACE adjustments. 2011 2012 Pre-adjusted AMTI $12,000 Adjusted current earnings 10,000 What is the ACE adjustment for each of the three years? 2011 2012 2013 A. $0 $1,500 ($1,500) B. ($2,000) $2,000 ($3,000)
C. $2,000 ($2,000) $3,000 D. ($1,500) $1,500 $2,250 E. $1,500 ($1,500) ($2,250) 84. Which of the following statements is correct?
85. Use the following data to calculate Diane’s AMTI. Taxable income $167,000 AMT adjustments Positive Negative Tax preferences Diane’s AMTI is calculated as follows: Taxable income Plus: Positive AMT adjustments Minus: Negative AMT adjustments Plus: Tax preferences AMTI 86. Use the following selected data to calculate Devon’s taxable income. Tax preferences $ 45,000 Positive AMT adjustments Negative AMT adjustments AMTI
87. Arlene, who is single, has taxable income for 2012 of $112,000. Calculate her alternative minimum tax, if any, given the following additional information.

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture