Lavonne Has a Regular Tax Liability of $13,356 on Taxable

question 26

Multiple Choice

Lavonne has a regular tax liability of $13,356 on taxable income of $70,000. She also has tax preferences of $25,000 and positive adjustments attributable to limitations on itemized deductions of $15,000.Lavonne is single and takes a $3,950 personal exemption for herself only. Lavonne's alternative minimum tax for 2014 is

• A)$0.
• B)$2,543.
• C)$16,271.
• D)none of the above.

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Definitions:

CISG

The Convention on Contracts for the International Sale of Goods by the United Nations, is a treaty establishing a standardized framework for global trade.

Contractual Obligations

Duties that a party is legally required to perform as specified in a contract, failure of which may lead to legal consequences.

Immediate Delivery

The rapid transfer of goods or securities from seller to buyer without delay.

Sales Commissions

Payments made to salespersons, which are typically a percentage of the sales they generate.