Lynn, age 45, is single and has no dependents. Her income and…

Question Answered step-by-step Lynn, age 45, is single and has no dependents. Her income and… Lynn, age 45, is single and has no dependents. Her income and expenses for 2020 are reported as follows.Income—   Salary$233,000  Taxable interest on corporate bonds13,700  Business income64,000Expenditures—    Home office expense deduction3,200   State income taxes6,000   Real estate taxes8,500   Mortgage (qualified housing) interest9,200   Home equity loan interest2,500   Investment interest15,500   Cash contributions to various charities2,900The $64,000 business income is from Apex Office Supplies Company, a sole proprietorship that Lynn owns and operates. Apex claimed MACRS depreciation of $3,175 on personal property used in the business and placed in service in the current year. Lynn received interest of $30,000 on City of Pensacola private activity bonds that were issued in 2013. Based on the information presented above, compute Lynn’s AMT for 2020. Law Social Science Tax law AC 212 Share QuestionEmailCopy link Comments (0)