14. Julio, an unmarried taxpayer filing single with no dependents,… 14.

  

14. Julio, an unmarried taxpayer filing single with no dependents,… 14. Julio​, an unmarried taxpayer filing single with no​ dependents, has AGI of $680,000 and reports the following items in2020​: ​( view the items reported in 2020​.)Data tableTaxable income$530,000Tax preferences47,000AMT adjustments related to itemized deductions41,000Regular tax liability160,527  ​( view the 2020 AMT exemption​ amounts.)ReferenceAlternative Minimum Tax – 2020  If AMTI minus the        exemption amount is: The Tax Is:         Of the   But Not    Amount  Over-Over-    Over-  $0$197,900*  26%$0   197,900* $51,454* +28%$197,900   *$98,950 and $25,727 for married taxpayers filing separately.          2020 Basic2020 PhaseoutAMT exemption and phase-out amounts: ExemptionThresholdUnmarried individuals (other than surviving spouses and heads of households) $72,900$518,400Married individuals filing joint returns and surviving spouses 113,4001,036,800Married individuals filing separate returns 56,700518,400   Requirement What is Julio​’s AMT liability for 2020​? Part 1 Begin by computing Julio​’s alternative minimum tax base amount for 2020.​(Do not round intermediary​ calculations, only round the amounts you enter into the input cell to the nearest whole​ dollar.)   Plus:     Alternative minimum taxable income (AMTI) Minus:  Alternative minimum tax base amount  Part 2 Complete the table below to determine Julio​’s AMT liability for 2020.​(Do not round intermediary​ calculations, only round the amounts you enter into the input cell to the nearest whole dollar. Enter a​ “0” if Julio does not have an AMT​ liability.)  Business Accounting ACC 460 Share (0)