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and find that they comport with the provisions of sections 55 and
56. The following computation shows the proper amount of
alternative minimum tax:
I. Individual Income Tax Return - Form 1040
Adjusted gross income (Form 1040, lines 33/34) 1$101,471.67
Less: Itemized deductions (Schedule A) -43,819.43
Balance (Form 1040, Line 37) 57,652.24
Less: Exemptions (Form 1040, Line 38) -10,800.00
Taxable income (Form 1040, Line 39) 46,852.24
Tax (secs. 1(a), 3(c)) 7,620.00
Regular tax (secs. 26(b)(1), (2)(A), 55(c)(1))7,620.00
1This amount reflects the disallowance of petitioners’ student
loan interest deduction as discussed above. $99,213.90 (petitioners’
reported AGI) plus $2,257.77 (student loan interest = $101,471.67.
II. Itemized Expenses - Schedule A
Taxes paid (Line 9) $25,220.26
Interest paid (Line 14) +6,315.83
Charitable contributions (Line 18) +2,080.00
Miscellaneous itemized deductions
(Unreimbursed employee expenses) (Line 26) +10,203.34
Total itemized deductions 43,819.43
III. Alternative Minimum Taxable Income
Taxable income (Form 1040, line 39) $46,852.24
Adjustments
Taxes +25,220.26
Miscellaneous itemized deductions
(Unreimbursed employee expenses) +10,203.34
Exemptions +10,800.00
Refund of taxes -2,397.61
Balance 90,678.23
Plus: Items of tax preference -0-
Alternative minimum taxable income 90,678.23
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Last modified: May 25, 2011