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10 Cards in this Set
- Front
- Back
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How do you calculate the AMT Base?
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Tax Income
+ Preferences + Adjustment + Exemptions = AMTI - Exemption Amounts (Std - Exemption Reduction) = AMT Base |
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How do you calculate the Exemption Phaseout/Reduction when calculating the Exemption Amounts for the AMT Base?
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(AMTI - Threshold) x Std Percentage Rate = Exemption Reduction
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Starting with Taxable Income, how do you calculate the AMT Base?
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Tax Income
+ Preferences + Adjustment + Exemptions = AMTI - Exemption Amounts (Std - Exemption Reduction) = AMT Base Tentative Minimum Tax (using AMT Base): Tax on 1st $175,000 (175,000 x .26) +Tax on Excess > $175,000 ( __ x .28) =Tentative Minimum Tax - Nonrefundable Personal Credit - Regular Tax = AMT Owed |
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What is Total AMT Owed?
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AMT Owed + |Regular Tax|
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List the column items to calculate for Like-Kind Exchanges.
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Basis of Old
Boot Received Boot Given Basis Net of Boot FMV of New G/L Realized G/L Recognized Unrecognized Basis of New (FMV of New-Unrecognized) |
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How do you determine the Basis Net of Boot?
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Basis of Old + Boot Given - Boot Received
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How do you calculate G/L Realized for Like-Kind Exchanges?
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FMV of New Property
-Basis Net of Boot |
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Recognized Gain is the Lesser of ______ or _______
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a) Net Boot Received
or b) Realized Gain |
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How do you calculate the Basis of New Property for Like-Kind Exchanges?
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FMV of New
- Unrecognized Gain + Unrecognized Loss |
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Are losses recognized in Like-Kind Exchanges?
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NO. Losses are NEVER recognized in Like-Kind Exchanges.
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