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Farr, an unmarried taxpayer, had $70,000 of adjusted gross income and the following deductions for regular income tax purposes:
Home mortgage interest on a loan to acquire a principal residence $ 11,000
Miscellaneous itemized deductions above the threshold limitation 2,000
What are Farr's total allowable itemized deductions for computing alternative minimum taxable income?
a. $13,000
b. $2,000
c. $11,000
d. $0

Respuesta :

Answer:

C) USD 11,000

Explanation:

Both mortgage interest and miscellaneous itemized subtraction are deductible for casual tax payment.

Moreover, miscellaneous itemized deduction are "adjustments"  so, are not able as deductions for alternative minimum tax purpose.

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