Alice Grim, a single taxpayer, has $719,000 taxable income, which includes a $240,000 capital gain taxed...

Alice Grim, a single taxpayer, has $719,000 taxable income, which includes a $240,000 capital gain taxed at 20%. Her alternative minimum taxable income in excess of her exemption amount is $937,400. Compute Alice's regular tax, AMT, and total tax.

can someone help me in this please?

i need help

Expert Solution

Taxable Income 719000
Less:- Standard Deduction 12200
Net taxable Income 706800
Capital gain tax 20% of 240000 48000
Other Tax on balance 156205.5
Total Regular Tax 204205.5


Computation of AMT

AMT in excess of exemption 937400
AMT rate 28%
AMT 262472


AMT to be paid in excess of Regular tax 262472-204205.5=58266.5

Total Tax 262472

ekkarill92 answered 2 years ago

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