Interest on a home equity loan that is not used to acquire or improve the taxpayer's principal residence cannot be deducted for AMT purposes.
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Q19: If the AMT base is greater than
Q20: The AMT adjustment for mining exploration and
Q21: If a taxpayer elects to capitalize and
Q22: The recognized gain for regular income tax
Q23: Benita expensed mining exploration and development costs
Q25: In 2019, the amount of the deduction
Q26: Because passive losses are not deductible in
Q27: The standard deduction is allowed for regular
Q28: Income from some long-term contracts can be
Q29: Kay claimed percentage depletion of $119,000 for
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