Individual Taxation Course Information for a Peter and Zoe, a married couple filing as married filing joint for 2023 is listed below. They have three dependent children ages 16, 18 and 19. The deduction and income items listed below have already been used to calculate their $260,000 of taxable income. They itemized their deductions (all their itemized deductions are listed below) and they had no capital gains or losses. A. Calculate their 2023 AMT (if any) (show the details of your calculation). You'll need to find the revenue procedure with the 2023 inflation adjusted amounts to calculate regular tax and to know the exemption amount and rate brackets for AMT purposes. B. Which of the items that affect AMT will create a minimum tax credit for this couple? Taxable income $260,000 Mortgage interest on debt to acquire principal residence; debt balance is below $1 million and was obtained in 2010 $27,000 State and local taxes claimed on Schedule A $10,000 Charitable contributions $9,000 Gambling losses to extent of gambling winnings $7,500 Interest income on private activity bonds $13,000 Spread on exercise of ISO by Zoe $327,000

Individual Taxation Course Information for a Peter and Zoe, a married couple filing as married filing joint for 2023 is listed below. They have three dependent children ages 16, 18 and 19. The deduction and income items listed below have already been used to calculate their $260,000 of taxable income. They itemized their deductions (all their itemized deductions are listed below) and they had no capital gains or losses. A. Calculate their 2023 AMT (if any) (show the details of your calculation). You'll need to find the revenue procedure with the 2023 inflation adjusted amounts to calculate regular tax and to know the exemption amount and rate brackets for AMT purposes. B. Which of the items that affect AMT will create a minimum tax credit for this couple? Taxable income $260,000 Mortgage interest on debt to acquire principal residence; debt balance is below $1 million and was obtained in 2010 $27,000 State and local taxes claimed on Schedule A $10,000 Charitable contributions $9,000 Gambling losses to extent of gambling winnings $7,500 Interest income on private activity bonds $13,000 Spread on exercise of ISO by Zoe $327,000

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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