Ashley, who is married to Anne and age 30, provides you with the following information from their financial records for 2020. Regular income tax liability $24,668 AMT net positive adjustments 40,000 AMT preferences 10,000 Taxable income 150,400 Calculate their tentative minimum tax amount for 2020 if they file a joint return. a. $0 b. $2,185 c. $22,620 d. $24,360 e. $34,300

Ashley, who is married to Anne and age 30, provides you with the following information from their financial records for 2020. Regular income tax liability $24,668 AMT net positive adjustments 40,000 AMT preferences 10,000 Taxable income 150,400 Calculate their tentative minimum tax amount for 2020 if they file a joint return. a. $0 b. $2,185 c. $22,620 d. $24,360 e. $34,300

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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