Chapter 12 Discussion #1
LO.1 Priscilla was recently promoted and received a substantial raise. She talks to her tax adviser about the potential tax ramifications. After making some projections, her adviser welcomes her to the AMT club. Priscilla believes that it is unfair that she must pay more than the regular income tax, as she is a “HENRY” (high earner not rich yet) with substantia] college-related debts. Explain to Priscilla the purpose of the AMT and why it applies to her.
Chapter 12 Problem #31
LO.2 Use the following data to calculate Chiara's AMT base in 2013
Chapter 13 Problem #35
Which of the following individuals qualify for the earned income credit for 2013?