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?© BrainMass Inc. brainmass.com March 4, 2021, 7:47 pm ad1c9bdddf
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 - ...
The solution provides calculation and reason shown for you. No references.