Mr and Mrs Reid reported $1,435,700 ordinary taxable income for regular tax purposes and had $158,200 positive AMT adjustments and preferences. Compute their tentative minimum tax.

Question

Quizplus · Accepted Answer

$1,435,700 ordinary taxable income + $158,200 AMT adjustments and preferences = $1,593,900 AMTI (exemption reduced to zero). ($191,500 AMTI * 26%) + ($1,402,400 AMTI * 28%) = $442,462 tentative minimum tax.

Mr and Mrs Reid Reported $1,435,700 Ordinary Taxable Income for Regular