Cher sold undeveloped land that originally cost $150,000 for $225,000.A positive AMT adjustment of $75,000 is required as a result of the sale.

Question

Quizplus · Accepted Answer

The sale of undeveloped land at a gain does not typically result in an AMT adjustment. The gain is already included in regular taxable income, and there is no separate AMT adjustment required for this type of transaction.

Cher Sold Undeveloped Land That Originally Cost $150,000 for $225,000