LO7 Alice and Frank have the following items on their current-year tax return:

Determine the amount of the adjustments that Alice and Frank will have to make in computing their alternative minimum tax.
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Adjusted gross income Less: Deductions from adjusted gross income: $100,000 Medical expenses Less: 7.5% x $100,000 Home mortgage interest $ 7,950 7,500 $ 450 5,300 Home equity loan interest State income taxes 1,200 2,325 Property taxes 950 Charitable contributions (cash) 575 Miscellaneous itemized deductions $ 2,400 Less: 2% x $100,000 (2,000) 400 (11,200) Less: Exemptions (2 x $3,650) (7,300)