Whitley and Maggie Sweeney are a married couple filing jointly. They have no children and report the following items in 2017: EEE (Click the icon to view the items reported in 2017.) Read the requirements. (Click the icon to view the 2017 personal exemption schedule.) (Click the icon to view the 2017 AMT exemption amounts.) Requirement a and b. What is the Sweeney's AMT liability? What would be Whitley's AMT liability if he were an unmarried taxpayer filing single with a regular tax liability of $11,739?
Whitley and Maggie Sweeney are a married couple filing jointly. They have no children and report the following items in 2017: EEE (Click the icon to view the items reported in 2017.) Read the requirements. (Click the icon to view the 2017 personal exemption schedule.) (Click the icon to view the 2017 AMT exemption amounts.) Requirement a and b. What is the Sweeney's AMT liability? What would be Whitley's AMT liability if he were an unmarried taxpayer filing single with a regular tax liability of $11,739?
Chapter1: The Individual Income Tax Return
Section: Chapter Questions
Problem 13P
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Transcribed Image Text:Whitley and Maggie Sweeney are a married couple filing jointly. They have no children and report the following items in 2017:
(Click the icon to view the items reported in 2017.)
Read the requirements.
F (Click the icon to view the 2017 personal exemption schedule.)
Requirement a and b. What is the Sweeney's AMT liability? What would be Whitley's AMT liability if he were an unmarried taxpayer filing single with a regular tax liability of $11,739?
Select the labels and complete the table below to determine the Sweeney's alternative minimum tax (AMT).
there is no AMT liability.)
Plus:
Alternative minimum taxable income (AMTI)
Minus:
Alternative minimum tax base amount
(Click the icon to view the 2017 AMT exemption amounts.)
Tentative minimum tax
Minus:
Alternative minimum tax (AMT)
(a)
Sweeney's AMT
%
(b)
Whitley's AMT
%
(i) Data Table
Taxable income
Tax preferences
AMT adjustments related to itemized deductions
Regular tax liability
Requirements
Print Done
Print
$
Done
x
64,000
24,000
10,000
8,668
a. What is the Sweeney's AMT liability?
b. What would be Whitley's AMT liability if he were an unmarried taxpayer filing
single with a regular tax liability of $11,739?
with a regular tax liability of $11,739. (
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