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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
I-14:45
AMT Adjustment and computation of Tax. Allen, an unmarried taxpayer filing single, has no dependents and reports the following items on his 2014 federal income tax return:
Adjusted gross income $75,000
Taxable income 48,000
Regular tax liability 7,856
Tax preferences 20,000
Itemized deductions including:
Charitable contributions 7,500
Medical expenses (before AGI floor) 10,000
Mortgage interest on personal residence 10,000
Real estate taxes 8,000
What is the amount of Allen’s AMT a
djustments related to itemized deductions?
What is Allen’s AMT liability for 2014?
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