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Benny sells an apartment building. His adjusted basis for regular income tax purposes is $450,000,...

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Accounting

Benny sells an apartment building. His adjusted basis for regular income tax purposes is $450,000, and, $475,000 for AMT purposes. He receives $700,000 from the sale.

a. Calculate Bennys gain for regular income tax purposes.

b. Calculate Bennys gain for AMT purposes.

c. Calculate any applicable AMT adjustment.

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