Research Problem 2. Jolene receives tax-exempt interest of $33,000 on bonds that are classified as private activity

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Research Problem 2. Jolene receives tax-exempt interest of $33,000 on bonds that are classified as private activity bonds. She properly excludes the $33,000 from her gross income for regular income tax purposes [under §§ 103

(a) and (b)(1)]. Jolene asks your advice on the treatment of the interest for AMT purposes. Locate the Code Section that covers this matter and advise Jolene accordingly.

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Cyrus Sandoval

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