Cliff is married and files a joint return.His return shows AGI of $268,000 and a net tax liability of $49,772 on taxable income of $224,000.He has $30,000 of preference items and $21,000 of net positive adjustments (including adjustments for itemized deductions and exemptions).What is his AMTI exemption amount?

Question

Quizplus · Accepted Answer

$224,000 + $30,000 + $21,000 = $275,000; [($275,000 - $158,900)x .25] = $29,025.$83,400 - $29,025 = $54,375.

Cliff Is Married and Files a Joint Return