personal income tax
SkinnyStonerProblem 12-29 (LO. 2)
Use the following data to calculate Chiara's AMT base in 2016:
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Chiara will file as a single taxpayer and chooses to itemize her deductions. The personal/dependency exemption amount is $4,050.
Click here to access the exemption table.
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Problem 12-54 (LO. 2, 3, 4)
Pat, who is age 66 and single with no dependents, received a salary of $90,000 in 2016. She earned interest income of $1,000, dividend income of $5,000, gambling winnings of $4,000, and interest income from private activity bonds (issued in 2006) of $40,000. The dividends are not qualified dividends. The following additional information is relevant.
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a. Compute Pat's taxable income and AMTI.
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b. Determine if Pat's AMT exemption will be limited.
His tentative exemption of $[removed] is phased out at a rate of 25 cents on the dollar when AMTI exceeds $[removed].
If required, round amounts to the nearest dollar.
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Problem 11-52 (LO. 2, 3, 7)
Five years ago Gerald invested $150,000 in a passive activity, his sole investment venture. On January 1, 2015, his amount at risk in the activity was $30,000. His shares of the income and losses were as follows:
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Gerald holds no suspended at-risk or passive activity losses at the beginning of 2015.
If an answer is zero, enter "0".
d. Assuming Gerald has $50,000 income in 2017, (and considering both at-risk and passive activity loss rules), what is the amount of Gerald's suspended passive activity losses at the end of 2017 under the at-risk rules and under the passive activity loss rules?
Under the at-risk rules: $[removed]
Under the passive activity loss rules: $[removed]
10 years ago
3
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