EXHIBIT 8-5 2021 AMT ExemptionsPhase-Out CompletePhase-Out Begins atFiling StatusExemptionfor This Level ofThis Level of AMTIAMTIMarried filing jointly$114,600$1,047,200$1,505,600Married filing separately57,300523,600752,800Head of household and single73,600523,600818,000 Olga is married and files a joint tax return with her husband.What amount of AMT exemption may she deduct under each of the following alternative circumstances? Exhibit 8-5.(Leave no answer blank. Enter zero if applicable.)a. Her AMTI is $402,500.Amount of AMT exemption

Amount of AMT Deduction phases out or decreases 25% for every increase in AMTI above $1,047,200…

Answered: Olga is married and files a joint tax…

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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Olga is married and files a joint tax return with her husband. What amount of AMT exemption may she deduct under each of the following alternative circumstances? Exhibit 8-5. (Leave no answer blank. Enter zero if applicable.) er AMTI is $402,500.