Regular income tax liability, Accounting Basics

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Regular income tax liability

Applying the AMT rules, Lucinda has the following in 2011:

Gross income $250,000
Deductions 75,000
Tax preferences 65,000

If Lucinda's regular income tax liability is $42,647, her AMTI is:

a. $117,647.

b. $186,000.

c. $240,000.

d. $315,000.

e. None of the above

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Accounting Basics: Regular income tax liability

Reference No:- TGS055863

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Accounting Basics: Regular income tax liability

Reference No:- TGS055863

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Recent Questions Asked Accounting Basics

Q : What is taxable income

Q : Determine the standard direct labor hours per oil change

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Regular income tax liability

Reference No:- TGS055863

Recent Questions Asked Accounting Basics

Q : What is taxable income

Q : Determine the standard direct labor hours per oil change

Q : What is the inventory turnover at retail

Q : How much taxable compensation is equivalent

Q : Regular income tax liability

Q : Appropriate to recognize revenue as the productive activity

Q : Excess of break-even volume

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