ACCT 205-Otto and Monica are married taxpayers who
Question # 00505481
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Updated on: 03/29/2017 04:39 AM Due on: 03/29/2017
Otto and Monica are married taxpayers who file a joint tax return. For the current tax year, they have AGI of $80,300. They have excess depreciation on real estate of $67,500, which must be added back to AGI to arrive at AMTI. The amount of their mortgage interest expense for the year was $25,000, and they made charitable contributions of $7,500. They have no other itemized deductions.
If Otto and Monica's taxable income for the current year is $39,700, determine the amount of their AMTI.
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Rating:
/5
Solution: ACCT 205-Otto and Monica are married taxpayers who