- 2 - entered is not reviewable by any other court, and this opinion should not be cited as authority. Respondent determined a deficiency of $8,950 in petitioners’ 2002 Federal income tax. The deficiency results entirely from the imposition of the section 55 alternative minimum tax (AMT). The issue for decision is whether in the computation of their AMT liability petitioners are entitled to take into account a negative tax preference item. Background All of the facts in this case submitted under Rule 122 have been stipulated and are so found. At the time the petition was filed, petitioners resided in Pocatello, Idaho. Daniel Smith was employed as a medical sales representative, and Christi Smith was not employed during 2002. Petitioners filed a timely 2002 joint Federal income tax return. On that return they reported adjusted gross income of $220,739 (amounts are rounded to the nearest dollar) that consists, in part, of wage income of $216,419 and refunds of State and local taxes of $1,544. Petitioners’ return includes a Schedule A, Itemized Deductions, on which petitioners claimed itemized deductions as follows:Page: Previous 1 2 3 4 5 6 7 Next
Last modified: May 25, 2011