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SP Laxabit

FINANCIAL ACCOUNTING
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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[The following information applies to the questions displayed below.] In 2018, Nadia has $128,000 of regular taxable income. She itemizes her deductions as follows: real property taxes of $2,900, state income taxes of $3,400, and mortgage interest expense of $17,000 (acquisition indebtedness of $200,000). In addition, she receives tax-exempt interest of $3,800 from a municipal bond (issued in 2006) that was used to fund a new business building for a (formerly) out-of-state employer. Finally, she received a state tax refund of $1,000 from the prior year. a-1. What is Nadia's AMTI this year if she deducted $18,500 of itemized deductions last year and did not owe any AMT last year? (Amounts to be deducted should be indicated by a minus sign.) AMTI Answer is not complete. Amount $ 128,000 3,800 Description Regular taxable income Personal exemption Interest from private activity bond Real property taxes State income taxes State tax refund $ 131,800
Transcribed Image Text:[The following information applies to the questions displayed below.] In 2018, Nadia has $128,000 of regular taxable income. She itemizes her deductions as follows: real property taxes of $2,900, state income taxes of $3,400, and mortgage interest expense of $17,000 (acquisition indebtedness of $200,000). In addition, she receives tax-exempt interest of $3,800 from a municipal bond (issued in 2006) that was used to fund a new business building for a (formerly) out-of-state employer. Finally, she received a state tax refund of $1,000 from the prior year. a-1. What is Nadia's AMTI this year if she deducted $18,500 of itemized deductions last year and did not owe any AMT last year? (Amounts to be deducted should be indicated by a minus sign.) AMTI Answer is not complete. Amount $ 128,000 3,800 Description Regular taxable income Personal exemption Interest from private activity bond Real property taxes State income taxes State tax refund $ 131,800
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