Individual Income Taxes
43rd Edition
ISBN: 9780357109731
Author: Hoffman
Publisher: CENGAGE LEARNING - CONSIGNMENT
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Chapter 12, Problem 29P
To determine
Calculate AMT exemption amount for the following cases in 2019 for a married taxpayer filing jointly.
To determine
Calculate AMT exemption amount for the following cases in 2019 for a married taxpayer filing separately.
To determine
Calculate AMT exemption amount for the following cases in 2019 for a married taxpayer filing jointly by using excel.
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Required: Discuss the following, including showing workings where appropriate (citing authority):
Sonia's deductions regarding the laptop for the current 2023-24 tax year; and
Tania's deduction for the lounge for the current 2023-24 tax year
For both Sonia and Tania, where there is a choice of methods in calculating the deductions, use the method that will give the highest deductions for the tax year.
Sonia is an employee accountant who buys a laptop for $1000 on 1 March 2024. She uses it 70% for work purposes, 10% for playing games and 20% for her studies (she is currently studying for her CPA qualifications). A month after owning this laptop Sonia accidentally dropped it and cracked its screen. Subsequently, on 1 April 2024 she pays $500 to have the screen replaced with a new screen that is of much higher resolution than the original one of the laptop. The effective life of the laptop is 3 years.
Sonia’s friend Tania runs a small business (as a sole trader) with an aggregated…
Calculate the exemption amount for the following cases in 2018 for a married taxpayer filing jointly and a married taxpayer filing separately.
Case
AMTI
1
$350,000
2
1,200,000
3
1,800,000
For each case above, compute the AMT exemption for 2018. If an amount is zero, enter a "0". Do not round your intermediate computations and round your final answer to nearest dollar.
Case
MFJAMT Exemption
MFSAMT Exemption
1
$
$
2
$
$
3
$
$
Chapter 12 Solutions
Individual Income Taxes
Ch. 12 - Kelly was promoted and received a substantial...Ch. 12 - Prob. 2DQCh. 12 - Prob. 3DQCh. 12 - Prob. 4DQCh. 12 - Prob. 5DQCh. 12 - Prob. 6DQCh. 12 - Can any nonrefundable credits, other than the...Ch. 12 - Prob. 8DQCh. 12 - Prob. 9DQCh. 12 - Prob. 10DQ
Ch. 12 - Prob. 11DQCh. 12 - Prob. 12DQCh. 12 - Prob. 13DQCh. 12 - Prob. 14DQCh. 12 - Prob. 15DQCh. 12 - Prob. 16DQCh. 12 - Prob. 17DQCh. 12 - During the year, Rachel earned 18,000 of interest...Ch. 12 - Compute the 2019 AMT exemption for the following...Ch. 12 - In March 2019, Serengeti exercised an ISO that had...Ch. 12 - Prob. 21CECh. 12 - Prob. 22CECh. 12 - Prob. 23CECh. 12 - Prob. 24CECh. 12 - Prob. 25CECh. 12 - Prob. 26PCh. 12 - Arthur Wesson, an unmarried individual who is age...Ch. 12 - Prob. 28PCh. 12 - Prob. 29PCh. 12 - Lisa records nonrefundable Federal income tax...Ch. 12 - Prob. 31PCh. 12 - Prob. 32PCh. 12 - Prob. 33PCh. 12 - In March 2019, Helen Carlon acquired used...Ch. 12 - Prob. 35PCh. 12 - Prob. 36PCh. 12 - Prob. 37PCh. 12 - Prob. 38PCh. 12 - Christopher regularly invests in internet company...Ch. 12 - Sammy and Monica, both age 67, incur and pay...Ch. 12 - Prob. 41PCh. 12 - Prob. 42PCh. 12 - Prob. 43PCh. 12 - Prob. 44PCh. 12 - Anh is single, has no dependents, and itemizes...Ch. 12 - Prob. 46PCh. 12 - Prob. 47PCh. 12 - Jane and Robert Brown are married and have eight...Ch. 12 - Prob. 49PCh. 12 - Renee and Sanjeev Patel, who are married, reported...Ch. 12 - Prob. 51PCh. 12 - Lynn, age 45, is single and has no dependents. Her...Ch. 12 - Prob. 53PCh. 12 - Robert A. Kliesh, age 41, is single and has no...Ch. 12 - Prob. 55CPCh. 12 - Prob. 1RPCh. 12 - Prob. 2RPCh. 12 - Prob. 3RPCh. 12 - Prob. 1CPACh. 12 - Prob. 2CPACh. 12 - Carol reports taxable income of 48,000. Included...Ch. 12 - Prob. 4CPA
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