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Nathan is married with two children and has AGI of $405,000. He also has the following AMT adjustments and preferences: Itemized deductions:

Nathan is married with two children and has AGI of $405,000. He also has the following AMT adjustments and preferences:


a. Itemized deductions:

 

 Itemized Deduction                       Regular Tax                AMT Deduction         AMT Adjustment

Medical after floor $5,375  

Taxes  34,354  

Mortgage interest  14,900  

Charitable contributions  18,000  

Miscellaneous deductions after floor 540  

 

b. Depreciation of a rental property purchased in August 2007 for $210,000.


c. Depreciation on personal property:

 

Asset Date Purchased Cost MACRS Life/AMTMACRS Depreciation AMT DepreciationAdjustment

Computer 102/12/13 $2,900   

 Furniture 102/12/13  12,000    

d. Incentive stock option: Nathan exercises options to purchase 1,000 shares at $19 per share when the market value is $26.


how do I Prepare Form 6251 for the calculation of AMT. The regular tax is $84,234.

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