Cliff Is Married and Files a Joint Return

question 87

Multiple Choice

Cliff is married and files a joint return.His return shows AGI of $1,268,000 and regular taxable income of $1,224,000.He has $30,000 of preference items and $21,000 of net positive adjustments (including adjustments for itemized deductions) .The $111,700 exemption begins to phase out at $1,020,600.What is his AMTI exemption amount?

• A)$91,700
• B)$63,600
• C)$48,100
• D)$28,825

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Definitions:

Fashion Product

A commodity related to the fashion industry, including clothing, accessories, and footwear, designed to satisfy consumer tastes and preferences.

Life Cycle Curve

A graphical representation of the stages through which a product goes from its introduction to the market through its growth, maturity, and eventual decline.

Early Adopters

A category of consumers who are among the first to purchase and use a new product or technology, often before the wider market adoption.

Product Life Cycle

The advancement of a product through phases such as its launch, growth, peak, and eventual decline in the marketplace.