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The following information is available for the Albert and Allison Gaytor family in addition to...

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Accounting

The following information is available for the Albert and Allison Gaytor family in addition to that provided in Chapters 15. Alberts grandfather died and left a portfolio of municipal bonds. In 2017, they pay Albert $80,000 in tax-free interest. Since the bonds are private activity bonds, the $80,000 is a tax preference for purposes of the AMT. Assume for Chapters 6, 7, and 8 that Alberts federal income tax withholding from his wages is $12,000, not $6,110. Required: Combine this new information about the Gaytor family with the information from Chapters 15 and complete a revised 2017 tax return for Albert and Allison. Be sure to save your data input files since this case will be expanded with more tax information in later chapters. Please note: This problem requires the calculation of AMT. The home equity interest of $860 on the purchase of an automobile is not deductible for AMT (see line 4 of Form 6251). Please also note that page 2 of Form 6251 must be filled in to calculate the lower AMT amount on qualified dividends and that the Savers Credit still applies.

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