During 2020, Mr. Glenn Leigh has Net Income For Tax Purposes of $144,288. This amount is made up of taxable capital gains of $120,000 and taxable eligible dividends of $24,288 [(138%)($17,600)]. As the taxable capital gain was on a disposition of shares in a qualified small business corporation, he reduced his Taxable Income to $24,288 through the use of the lifetime capital gains deduction. His only tax credits are the basic personal credit and the dividend tax credit. Determine whether Mr. Leigh would have a liability for the federal alternative minimum tax and, if so, the total amount of such tax.

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The Answer of During 2020, Mr. Glenn Leigh has Net Income For Tax Purposes of $144,288. This amount is made up of taxable capital gains of $120,000 and taxable eligible dividends of $24,288 [(138%)($17,600)]. As the taxable capital gain was on a disposition of shares in a qualified small business corporation, he reduced his Taxable Income to $24,288 through the use of the lifetime capital gains deduction. His only tax credits are the basic personal credit and the dividend tax credit. Determine whether Mr. Leigh would have a liability for the federal alternative minimum tax and, if so, the total amount of such tax.