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1.      In 2019, Sheryl is claimed as a dependent on her parent’s tax return. Sheryl did...

1.      In 2019, Sheryl is claimed as a dependent on her parent’s tax return. Sheryl did not provide more than half her own support. She received $6,800 of interest income from corporate bonds she received several years ago.    This was her only source of income. She is 16 years old at year-end. What is Sheryl’s tax liability for the year?

2.In 2019, Nadia has $100,000 of regular taxable income. She itemizes her deductions as follows: real property taxes of $1,500, state income taxes of $2,000, and mortgage interest expense of $10,000 (acquisition indebtedness of $200,000). In addition, she receives tax-exempt interest of $1,000 from a municipal bond (issued in 2006) that was used to fund a new business building for a (formerly) out-of-state employer. Finally, she received a state tax refund of $500 from the prior year. What is Nadia’s AMTI this year if she deducted $15,000 of itemized deductions last year (she did not owe AMT last year)?

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