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In 2013 Andrew contributed equipment with an adjusted

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Question;1. 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 $500Dividends 300Capital gains 900Ordinary loss (4,325)CLP had no liabilities. What are Andrew?s initial basis, allowed losses, and ending at- risk amount?2. Carson had the following itemized deductions in 2013:State income taxes $1500Charitable contributions 9,900Mortgage interest (personal residence) 12,000Medical expenses[$8000-(10%x$75,000)] 500Miscellaneous ($2200-[2%x$75,000]) 700a. What are Carson?s itemized deductions for AMT purposes?b. What is the amount of the AMT adjustment?3. William is not married, nor does he have any dependents. He does not itemize deductions. His taxable income for 2013 was $ 87,000. His AMT adjustments totaled $ 125,000. What is William?s AMT for 2013? (Hint: Don?t forget the personal exemption.)

 

Paper#41937 | Written in 18-Jul-2015

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