What is Myra’s tax liability before credits including AMT if none of her income is long-term capital gain. Show calculation of regular income tax first
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Myra Dalrymple, single, age 48, had net income of $110,000 from a business and two dependent children at home. She had AMT adjustments that reduced
State and local taxes 24,250 (remember the limit)
Property taxes 7,950
Mortgage interest(1st) 16,920
Charitable contrib. 8,930 Medical insurance/exp 26,950 before considering AGI floor
What is Myra’s tax liability before credits including AMT if none of her income is long-term
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