In 2019, Liam's Filing Status Is Married Filing Separately

question 36

Multiple Choice

In 2019, Liam's filing status is married filing separately.For regular tax purposes, he has three dependents.Liam does not itemize deductions; his regular taxable income is $456,000. What is Liam's 2019 AMT base?

• A)$0.
• B)$412,350.
• C)$456,000.
• D)$468,200.

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Definitions:

Fixed Asset Turnover

A financial ratio that measures a company's efficiency in using its fixed assets to generate sales.

Net Fixed Assets

The value of a company's property, plant, and equipment minus depreciation, indicating the tangible assets used in operations.

Receivables Turnover

A ratio that measures a company's efficiency in collecting its sales on credit over a period of time.

Accounts Receivable

Funds owed to a company by customers for products or services that have been delivered or used but not yet paid for.