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QUESTION
Agnes is able to reduce her regular income tax liability from $40,000 to $36,000 as the result of the alternative tax on net capital gain. Agnes'...
Agnes is able to reduce her regular income tax liability from $40,000 to $36,000 as the result of the alternative tax on net capital gain. Agnes' tentative AMT is $50,000.
- Agnes' tax liability is reduced by $4,000 as the result of the alternative tax calculation on net capital gain.
- Agnes' AMT is increased by $4,000 as the result of the alternative tax calculation on net capital gain.
- Agnes' tax liability is $46,000.
- Agnes' tax liability is $54,000.
- None of the above
Please state and justify your response.
