Tax Form 6251 Johnetta Boudreaux, single, had taxable income of $550,000 in 2021. She itemized her deductions which consisted of the following: State income taxes $ 8,400 Property taxes $ 9,300 Mortgage interest expense $18,900 Charitable contributions $12,000 Johnetta also had a state tax refund from 2020 of $2,400 received in 2021. She has itemized her deductions for the last seven years. Johnetta claimed Percentage Depletion of $420,000 for 2021 for a coal mine that she owns. The basis of the property at the end of the year, not including the $420,000, is $180,000. She also has interest of $1,200 from Private Activity Bonds purchased in 2018. Complete Form 6251 for Johnetta Boudreaux for the year of 2021. Her Social Security Number is 123-45-2020.
Tax Form 6251 Johnetta Boudreaux, single, had taxable income of $550,000 in 2021. She itemized her deductions which consisted of the following: State income taxes $ 8,400 Property taxes $ 9,300 Mortgage interest expense $18,900 Charitable contributions $12,000 Johnetta also had a state tax refund from 2020 of $2,400 received in 2021. She has itemized her deductions for the last seven years. Johnetta claimed Percentage Depletion of $420,000 for 2021 for a coal mine that she owns. The basis of the property at the end of the year, not including the $420,000, is $180,000. She also has interest of $1,200 from Private Activity Bonds purchased in 2018. Complete Form 6251 for Johnetta Boudreaux for the year of 2021. Her Social Security Number is 123-45-2020.
Chapter5: Gross Income: Exclusions
Section: Chapter Questions
Problem 26CE
Related questions
Question
Tax Form 6251
Johnetta Boudreaux, single, had taxable income of $550,000 in 2021. She itemized her deductions which consisted of the following:
State income taxes $ 8,400
Property taxes $ 9,300
Mortgage interest expense $18,900
Charitable contributions $12,000
Johnetta also had a state tax refund from 2020 of $2,400 received in 2021.
She has itemized her deductions for the last seven years.
Johnetta claimed Percentage Depletion of $420,000 for 2021 for a coal mine that she owns. The basis of the property at the end of the year, not including the $420,000, is $180,000. She also has interest of $1,200 from Private Activity Bonds purchased in 2018.
Complete Form 6251 for Johnetta Boudreaux for the year of 2021. Her Social Security Number is 123-45-2020.
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![Individual Income Taxes](https://www.bartleby.com/isbn_cover_images/9780357109731/9780357109731_smallCoverImage.gif)
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT
![Individual Income Taxes](https://www.bartleby.com/isbn_cover_images/9780357109731/9780357109731_smallCoverImage.gif)
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT