Capital gains 900
Ordinary loss (4,325)
CLP had no liabilities. What are Andrew's initial basis, allowed losses, and ending at- risk amount?
State income taxes 1500
Charitable contributions 9,900
Mortgage interest (personal residence) 12,000
Medical expenses[8000-(10%x75,000)] 500
Miscellaneous (2200-[2%x75,000]) 700
a. What are Carson's itemized deductions for AMT purposes?
b. What is the amount of the AMT adjustment?
Excerpt from file: 36.In2013Andrewcontributedequipmentwithanadjustedbasisof20,000andaFMVof18,000toConstruction LimitedPartnership(CLP)inreturnfora3%limitedpartnershipinterest.AndrewssharesofCLPincomeandlosses fortheyearwereasfollows: Interest500 Dividends300 Capitalgains900 Ordinaryloss(4,325)...
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