22. LO.2 Use the following data to calculate Chiara’s 2015 AMT base. Chiara file

Question

22. LO.2 Use the following data to calculate Chiara’s 2015 AMT base. Chiara files as a single taxpayer and itemizes her deductions.

Taxable income                                                                                   $148,000

Positive AMT adjustments (does not include personal exemptions) 73,000

Negative AMT adjustments                                                               55,000

AMT preferences                                                                               30,000

Explanation / Answer

Note : AMT Exemption for 2015 is $ 53600

Taxable income 148000 Plus: Positive AMT adjustments 73000 Minus : Negative AMT adjustments    -55000 Plus: AMT preferences 30000 Alternative Minimum Taxable Income 196000 Less: AMT Exemption -53600 AMT Base 142400

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