Tax Form 6251 Johnetta Boudreaux, single, had taxable income of $550,000 in 2021. She itemized her deductions which consisted of the following: State income taxes $ 8,400 Property taxes $ 9,300 Mortgage interest expense $18,900 Charitable contributions $12,000 Johnetta also had a state tax refund from 2020 of $2,400 received in 2021. She has itemized her deductions for the last seven years. Johnetta claimed Percentage Depletion of $420,000 for 2021 for a coal mine that she owns. The basis of the property at the end of the year, not including the $420,000, is $180,000. She also has interest of $1,200 from Private Activity Bonds purchased in 2018. Complete Form 6251 for Johnetta Boudreaux for the year of 2021. Her Social Security Number is 123-45-2020.
Tax Form 6251 Johnetta Boudreaux, single, had taxable income of $550,000 in 2021. She itemized her deductions which consisted of the following: State income taxes $ 8,400 Property taxes $ 9,300 Mortgage interest expense $18,900 Charitable contributions $12,000 Johnetta also had a state tax refund from 2020 of $2,400 received in 2021. She has itemized her deductions for the last seven years. Johnetta claimed Percentage Depletion of $420,000 for 2021 for a coal mine that she owns. The basis of the property at the end of the year, not including the $420,000, is $180,000. She also has interest of $1,200 from Private Activity Bonds purchased in 2018. Complete Form 6251 for Johnetta Boudreaux for the year of 2021. Her Social Security Number is 123-45-2020.
Chapter8: Taxation Of Individuals
Section: Chapter Questions
Problem 34P
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Question
Tax Form 6251
Johnetta Boudreaux, single, had taxable income of $550,000 in 2021. She itemized her deductions which consisted of the following:
State income taxes $ 8,400
Property taxes $ 9,300
Mortgage interest expense $18,900
Charitable contributions $12,000
Johnetta also had a state tax refund from 2020 of $2,400 received in 2021.
She has itemized her deductions for the last seven years.
Johnetta claimed Percentage Depletion of $420,000 for 2021 for a coal mine that she owns. The basis of the property at the end of the year, not including the $420,000, is $180,000. She also has interest of $1,200 from Private Activity Bonds purchased in 2018.
Complete Form 6251 for Johnetta Boudreaux for the year of 2021. Her Social Security Number is 123-45-2020.
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ISBN:
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Author:
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Publisher:
CENGAGE LEARNING - CONSIGNMENT