Ted,who is single,owns a personal residence in the city.He also owns a condo near the ocean.He uses the condo as a vacation home.In March 2014,he borrowed $50,000 on a home equity loan and used the proceeds to acquire a luxury automobile.During 2014,he paid the following amounts of interest: What amount,if any,must Ted recognize as an AMT adjustment in 2014?
A)$0
B)$4,800
C)$6,200
D)$11,000
E)None of these

Question

Ted,who is single,owns a personal residence in the city.He also owns a condo near the ocean.He uses the condo as a vacation home.In March 2014,he borrowed $50,000 on a home equity loan and used the proceeds to acquire a luxury automobile.During 2014,he paid the following amounts of interest:  What amount,if any,must Ted recognize as an AMT adjustment in 2014?
A)$0 
B)$4,800 
C)$6,200 
D)$11,000 
E)None of these

Quizplus · Accepted Answer

The Answer of Ted,who is single,owns a personal residence in the city.He also owns a condo near the ocean.He uses the condo as a vacation home.In March 2014,he borrowed $50,000 on a home equity loan and used the proceeds to acquire a luxury automobile.During 2014,he paid the following amounts of interest:  What amount,if any,must Ted recognize as an AMT adjustment in 2014?
A)$0 
B)$4,800 
C)$6,200 
D)$11,000 
E)None of these

Ted,who Is Single,owns a Personal Residence in the City