The Individual Alternative Minimum Tax (AMT) (LO 6.5) Otto and Monica are married taxpayers who...
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Accounting
The Individual Alternative Minimum Tax (AMT) (LO 6.5) Otto and Monica are married taxpayers who file a joint tax return. For the current tax year, they have AGI of $80,300. They have excess depreciation on real estate of $67,500, which must be added back to AGI to arrive at AMTI. The amount of their mortgage interest expense for the year was $25,000, and they made charitable contributions of $7,500.
If Otto and Monica's taxable income for the current year is $47,800 determine the amount of their AMTI before the exemption.
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