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 2012,he borrowed $50,000 on a home equity loan and used the proceeds to acquire a luxury automobile.During 2012,he paid the following amounts of interest: What amount,if any,must Ted recognize as an AMT adjustment in 2012?
A) $0.
B) $4,800.
C) $6,200.
D) $11,000.
E) None of the above.

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 2012,he borrowed $50,000 on a home equity loan and used the proceeds to acquire a luxury automobile.During 2012,he paid the following amounts of interest:  What amount,if any,must Ted recognize as an AMT adjustment in 2012?
A) $0. 
B) $4,800. 
C) $6,200. 
D) $11,000. 
E) None of the above.

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 2012,he borrowed $50,000 on a home equity loan and used the proceeds to acquire a luxury automobile.During 2012,he paid the following amounts of interest:  What amount,if any,must Ted recognize as an AMT adjustment in 2012?
A) $0. 
B) $4,800. 
C) $6,200. 
D) $11,000. 
E) None of the above.

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