Lavonne,a Single Taxpayer,has a Regular Tax Liability of $11,259 on Taxable

question 98

Multiple Choice

Lavonne,a single taxpayer,has a regular tax liability of $11,259 on taxable income of $70,000.She also has tax preferences of $38,000 and positive adjustments attributable to limitations on itemized deductions of $10,000.Lavonne's alternative minimum tax for 2019 is

• A)$0.
• B)$779.
• C)$12,038.
• D)none of the above.

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Definitions:

Invested Funds

Money that has been allocated into various types of assets or investments with the expectation of generating returns.

Beginning

In a finance or accounting context, beginning often refers to the starting point or initial value of an asset, liability, or any financial record at the start of a period.

Withdraw

The act of removing funds from an account or investment, or the process of backing out of an engagement or commitment.

Inherited

Received as an inheritance, passing on assets from a deceased person to their heirs or beneficiaries.