William is not married, nor does he have any dependents. He does not itemize deductions. His taxable income for 2020 was $87,000and his regular tax was $14,966. His AMT adjustments totaled $125,000.Required:What is William's AMT for 2020?William's AMT for 2020Jackson invested $190,000 in a passive activity five years ago. On January 1, 2018, his at-risk amount in the activity was $45,000. Hisshare of the income and losses in the activity were $52,000 loss in 2018, $20,000 loss in 2019, and $80,000 gain in 2020.Required:a. How much can Jackson deduct in 2018 and 2019?b. What is his taxable income from the activity in 2020? Keep in mind the at-risk rules as well as the passive loss rules.Required A Required BComplete this question by entering your answers in the tabs below.DeductionSHow much can Jackson deduct in 2018 and 2019? (Leave no cells blank be certain to enter "0" wherever required.)21,200$2018Required AJackson invested $190,000 in a passive activity five years ago. On January 1, 2018, his at-risk amount in the activity was $45,000. Hisshare of the income and losses in the activity were $52,000 loss in 2018, $20,000 loss in 2019, and $80,000 gain in 2020.2019$ 73,000Required:a. How much can Jackson deduct in 2018 and 2019?b. What is his taxable income from the activity in 2020? Keep in mind the at-risk rules as well as the passive loss rules.Required BComplete this question by entering your answers in the tabs below.What is his taxable income from the activity in 2020? Keep in mind the at-risk rules as well as the passive loss rules.Income$ 73,000 X

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William is not married, nor does he have any dependents. He does not itemize deductions. His taxable income for 2020 was $87,000 and his regular tax was $14,966. His AMT adjustments totaled $125,000. Required: What is William's AMT for 2020? William's AMT for 2020 S 21,200

William is not married, nor does he have any dependents. He does not itemize deductions. His taxable income for 2020 was $87,000 and his regular tax was $14,966. His AMT adjustments totaled $125,000. Required: What is William's AMT for 2020? William's AMT for 2020 S 21,200

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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Assume that Joseph is a single taxpayer who does not itemize deductions and operates a sole proprietorship. During 2020, his business generates $140,000 of business income, $40,000 of deductible business expenses (no adjustment for self-employment tax deduction is necessary in this question), and $2,400 of interest income from his business deposits. He has no other sources of income. joseph's AGI Is $102,400, What is joseph's qualified business income deduction?
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