William and Maria Smith are married couple filing jointly. They have no children and report the following items in 2019: Taxable Income 100,000 Tax Preference 20,000 AMT adjustments related to itemized deductions 30,000 Regular tax liability 13,717 What is the Smiths AMT liability? What would Williams AMT liability if he were an unmarried taxpayer filing single with regular tax liability of $18,175?
William and Maria Smith are married couple filing jointly. They have no children and report the following items in 2019: Taxable Income 100,000 Tax Preference 20,000 AMT adjustments related to itemized deductions 30,000 Regular tax liability 13,717 What is the Smiths AMT liability? What would Williams AMT liability if he were an unmarried taxpayer filing single with regular tax liability of $18,175?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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William and Maria Smith are married couple filing jointly. They have no children and report the following items in 2019:
Taxable Income 100,000
Tax Preference 20,000
AMT adjustments related to itemized deductions 30,000
Regular tax liability 13,717
What is the Smiths AMT liability?
What would Williams AMT liability if he were an unmarried taxpayer filing single with regular tax liability of $18,175?
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