Corbett's AMTI is $619,000.What is his AMT exemption under the following alternative circumstances? Exhibit 8-5.Required:He is married and files a joint return.He is married and files a separate return.His filing status is single.His filing status is head of household. EXHIBIT 8-5 2022 AMT ExemptionsFiling StatusMarried filing jointlyMarried filing separatelyHead of household and singleExemption$118,10059,05075,900Phase-Out Begins atThis Level of AMTI$1,079,800539,900539,900Phase-Out Completefor This Level ofAMTI$1,552,200776,100843,500

Given in the question: Corbett’s Alternative Minimum Taxable Income is $619,000 The exemption is to…

Answered: He is married and files a joint return.…

He is married and files a joint return. He is married and files a separate return. His filing status is single. His filing status is head of household.

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter14: Property Transact Ions: Capital Gains And Losses, § 1231, And Recapture Provisions

Section: Chapter Questions

Problem 14DQ

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Required:

He is married and files a joint return.
He is married and files a separate return.
His filing status is single.
His filing status is head of household.

EXHIBIT 8-5 2022 AMT Exemptions
Filing Status
Married filing jointly
Married filing separately
Head of household and single
Exemption
$118,100
59,050
75,900
Phase-Out Begins at
This Level of AMTI
$1,079,800
539,900
539,900
Phase-Out Complete
for This Level of
AMTI
$1,552,200
776,100
843,500

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