Sharon, a single taxpayer, has taxable income of $100,000, a regular tax liability of $26,560, a positive AMT adjustment due to limitations on itemized deductions of $20,000, and tax preferences of $25,000 in 2006. What is Sharon's AMT for 2006? Can you please show me step by step how this is calculated?
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Sharon, a single taxpayer, has taxable income of $100,000, a regular tax liability of $26,560, a positive AMT adjustment due to limitations on itemized deductions of $20,000, and tax preferences of $25,000 in 2006. What is Sharon's AMT for 2006? Can you please show me step by step how this is calculated?
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The solution provides calculation and reason shown for you. No references.
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First of all we start with the income. We add tax liability and tax preference back to it. That would give us 100,000 + 26,560 + 25,000 = 151,560. A positive AMT adjustment makes it 151,560 - ...
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