Benny sells an apartment building. His adjusted basis for regular income tax purposes is $450,000,...
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Accounting
Benny sells an apartment building. His adjusted basis for regular income tax purposes is $450,000, and, $475,000 for AMT purposes. He receives $700,000 from the sale.
a. Calculate Bennys gain for regular income tax purposes.
b. Calculate Bennys gain for AMT purposes.
c. Calculate any applicable AMT adjustment.
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