Ashby, Who Is Single and Age 30, Provides You with the Following

question 60

Multiple Choice

Ashby, who is single and age 30, provides you with the following information from his financial records for 2019. $$\begin{array} { l l } \text { Regular income tax liability } & \$ 78,444 \\\text { AMTI } & 525,000 \\\text { Taxable income } & 295,000\end{array}$$ Calculate his AMT exemption for 2019.

• A)$0
• B)$3,675
• C)$68,025
• D)$71,700

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Definitions:

Psia Gauge

A pressure measurement expressed in pounds per square inch absolute, including the atmospheric pressure.

Atmospheric Pressure

Ambient pressure at sea level equivalent to 14.7 psia, 101.3 kPa, 1 atm, or 1.01 bar.

Psia

Pounds per square inch absolute. Measure of pressure values used in North America that factors in atmospheric pressure of 14.7 psi.

Atmospheric Pressure

The pressure exerted by the weight of the atmosphere, crucial for weather patterns and breathing.