Solved: Sylvester files as a single taxpayer during 2017 and claims, Accounting Basics

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Sylvester files as a single taxpayer during 2017 and claims

Problem - Sylvester files as a single taxpayer during 2017 and claims one personal exemption. He itemizes deductions for regular tax purposes. He paid charitable contributions of $16,100, real estate taxes of $3,800, state income taxes of $8,400, and interest on a home-equity loan of $900. Sylvester's regular taxable income is $101,000.

a. What is Sylvester's AMTI if he used the home-equity proceeds to purchase a car?

b. What is Sylvester's AMTI if he used the home-equity loan proceeds to build a new garage next to his home?

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Accounting Basics: Sylvester files as a single taxpayer during 2017 and claims

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Accounting Basics: Sylvester files as a single taxpayer during 2017 and claims

Reference No:- TGS02686539

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