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Fundamentals of Taxation 2011 4th Edition by Ana Cruz, Debra Prendergast, Dan Schisler, Michael Deschamps
Edition 4ISBN: 978-0078110993Fundamentals of Taxation 2011 4th Edition by Ana Cruz, Debra Prendergast, Dan Schisler, Michael Deschamps
Edition 4ISBN: 978-0078110993 Exercise 4
Benny sells an apartment building. His adjusted basis for regular income tax purposes is $450,000, and, $475,000 for AMT purposes. He receives $700,000 from the sale.
a. Calculate Benny's gain for regular income tax purposes.
b. Calculate Benny's gain for AMT purposes.
c. Calculate any applicable AMT adjustment.
a. Calculate Benny's gain for regular income tax purposes.
b. Calculate Benny's gain for AMT purposes.
c. Calculate any applicable AMT adjustment.
Explanation
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Capital Gains in Regular Tax Income:
In...
Fundamentals of Taxation 2011 4th Edition by Ana Cruz, Debra Prendergast, Dan Schisler, Michael Deschamps
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