Farr is single, has no dependents, and does not itemize her deductions. She shows the following items relative to her current-year tax return.

Bargain element from the exercise of an ISO (no restrictions apply to
the stock) ................................................................................................................................................ $ 45,000
MACRS depreciation on shopping mall building acquired five years ago ....................... 49,000
Percentage depletion in excess of property’s adjusted basis ............................................... 50,000
Taxable income for regular income tax purposes ................................................................... 121,000
Regular tax liability ................................................................................................................................ 26,862

a. Determine Farr’s AMT adjustments and preferences.

b. Calculate Farr’s AMT (if any).