William is not married, nor does he have any dependents
William is not married, nor does he have any dependents.
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William is not married, nor does he have any dependents. He does not itemize deductions. His taxable income for 2013
- In 2013 Andrew contributed equipment with an adjusted basis of 20,000 and a FMV of 18,000 to Construction Limited Partnership ( CLP) in return for a 3% limited partner-ship interest. Andrew’s shares of CLP income and losses for the year were as follows:
Interest 500
Dividends 300
Capital gains 900
Ordinary loss (4,325)
CLP had no liabilities. What are Andrew’s initial basis, allowed losses, and ending at- risk amount?
- Carson had the following itemized deductions in 2013:
William is not married, nor does he have any dependents.
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State income taxes 1500
Charitable contributions 9,900
Mortgage interest (personal residence) 12,000
Medical expenses[8000-(10%x75,000)] 500
Miscellaneous (2200-[2%x75,000]) 700
a. What are Carson’s itemized deductions for AMT purposes?
b. What is the amount of the AMT adjustment?