Essay
Gunter,who is divorced,reports the following items for 2016.
Salary
$60,000
Gain on sale of land held nine months
(regular income tax basis is $4,000 less than AMT basis)
10,000
Traditional IRA contribution
5,000
Alimony paid
9,000
Itemized deductions:
Charitable contributions
$3,000
Home mortgage interest on his principal residence
4,000
State income taxes
2,000
9,000
Private activity municipal bond interest
15,000
Calculate Gunter's AMTI for 2016.
Correct Answer:

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Gunter's regular income tax taxable inco...View Answer
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