OBLEMS 19 Alternative Minimum Tax-Computation. Andrew Jones is single and has taxable income...
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OBLEMS 19 Alternative Minimum Tax-Computation. Andrew Jones is single and has taxable income of $600,000 for the current year. He uses the standard deduction for regular tax purposes and has $150,000 of positive adjustments (excluding the adjustment for the standard deduction) for AMT purposes. a. Determine Andrew's tentative minimum tax and his AMT. b. Determine the amount that Andrew actually has to pay the IRS this year
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