LO.2, 3 Vito owns and operates a news agency (as a sole proprietorship). During 2012, he incurred

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LO.2, 3 Vito owns and operates a news agency (as a sole proprietorship). During 2012, he incurred expenses of $600,000 to increase circulation of newspapers and magazines that his agency distributes. For regular income tax purposes, he elected to expense the

$600,000 in 2012. In addition, he incurred $120,000 in circulation expenditures in 2013 and again elected expense treatment. What AMT adjustments will be required in 2012 and 2013 as a result of the circulation expenditures?

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