William is not married, nor does he have any dependents

May 16, 2018 admin

William is not married, nor does he have any dependents. He does not itemize deductions. His taxable income for 2013

In 2013 Andrew contributed equipment with an adjusted basis of 20,000 and a FMV of 18,000 to Construction Limited Partnership ( CLP) in return for a 3% limited partner-ship interest. Andrew’s shares of CLP income and losses for the year were as follows:

Interest 500

Dividends 300

Capital gains 900

Ordinary loss (4,325)

CLP had no liabilities. What are Andrew’s initial basis, allowed losses, and ending at- risk amount?

Carson had the following itemized deductions in 2013:

William is not married, nor does he have any dependents.

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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?

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