Reva and Josh Lewis Had Alternative Minimum Taxable Income of $350,000

question 29

Multiple Choice

Reva and Josh Lewis had alternative minimum taxable income of $350,000 in 2013 and file a joint return.For purposes of computing the alternative minimum tax,their exemption is

• A)$31,775.
• B)$51,900.
• C)$49,025.
• D)$80,800.

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Definitions:

Implied Authority

This refers to the power of an agent to perform acts which are reasonably necessary to accomplish the purpose of an organization’s agency agreement, even if not explicitly granted.

Duty of Accounting

The obligation of a party (usually a fiduciary) to keep accurate records and report financial activity to relevant stakeholders or authorities.

Agent Owe

The duty or obligation an agent has to act in the best interest of the principal, including loyalty, care, and full disclosure.

Principal

In finance, the principal is the initial amount of a loan or the amount of an investment excluding any interest or profit earned.