Dick Jones, a single taxpayer, had $70,000 in taxable income before personal exemptions in the...
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Accounting
Dick Jones, a single taxpayer, had $70,000 in taxable income before personal exemptions in the current year. Jones had no tax preferences. His itemized deductions were as follows:
State and local income taxes $5,000 Home mortgage interest on loan to acquire residence 6,000 Miscellaneous deductions exceeding 2% of AGI 2,000
What amount did Jones report as alternative minimum taxable income before the AMT exemption?
I am so lost! Can someone please explain to me how to solve this? Thank you!
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