Renee and Sanjeev Patel, w
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Problem
Renee and Sanjeev Patel, who are married, reported taxable income of $1,008,000 for 2022.
They incurred positive AMT modifications of $142,500.
Click here to access the exemption table.
a. Compute the Patels' alternative minimum taxable income (AMTI) for 2022.
1,008,000
Taxable income
Plus:
Equals: AMTI
AMTI
b. Compute the Patel's tentative minimum tax.
Computation of AMT Base and Tax
8)
AMT modifications
AMT exemption
AMT base
TMT
$
75,000
1,083,000
1,083,000
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