Amy Wilson is an unmarried 30-year-old taxpayer with no dependents. Her current year taxable income and deductions are provided, along with the single regular tax rate schedule and the alternative minimum tax (AMT) rate schedule. Amy itemized deductions in previous years. The current year standard deduction for single taxpayers is $12,200. Last year, Amy's itemized deductions totaled $14,000 and the standard deduction last year was $12,000.

Using the taxable income and deductions summary and tax rate schedules provided in the exhibit, calculate the amount of Amy's current year alternative minimum tax (AMT) liability. Enter the amounts for the AMT calculation in the associated cells in the table below. Enter all amounts as positive values, using whole numbers. If the amount is zero, enter a zero (0).

Amy Wilson Current Year Taxable Income and Deductions Summary
Income:
Gross revenuerental property	$ 225,000
Royalty incomeoil wells	$ 56,000
Interest incomecorporate bonds	$ 6,000
Interest incomelocal private activity bonds (issued in 2012)	$ 9,000
State income tax refund from prior year	$ 1,000
	$ 297,000
Deductions:
Rental propertyMACRS depreciation*	$ 47,000
Rental propertymanagement fees	$ 36,000
Property insurancehome	$ 5,000
Property insurancerental property	$ 28,000
Real estate taxeshome	$ 12,000
Real estate taxesrental property	$ 42,000
Mortgage interesthome	$ 20,000
Mortgage interestrental property	$ 27,000
Charitable contributions	$ 18,000
State and local income taxes	$ 20,000
Percentage depletionoil wells (excess over adjusted cost basis)	$ 21,000
	$ 193,000
* Depreciation for alternative minimum tax purposes: $33,000

Single Regular Tax Rate Schedule:

Taxable Income:		Tax Liability:
Over -	But not over-				Of amount over -
$0	$9,700			10%	$0
$9,700	$39,475	$970.00	+	12%	$9,700
$39,475	$84,200	$4,543.00	+	22%	$39,475
$84,200	$160,725	$14,382.50	+	24%	$84,200
$160,725	$204,100	$32,748.50	+	32%	$160,725
$204,100	$510,300	$46,628.50	+	35%	$204,100
$510,300	------------	$153,798.50	+	37%	$510,300

Alternative Minimum Tax (AMT) Rate Schedule:

AMT Base:		Tentative Minimum Tax:
Over -	But not over-				Of amount over -
$0	$194,800			26%	$0
$194,800	------------	$50,648.00	+	28%	$194,800

Alternative Minimum Tax (AMT) Exemption Amount for Single Taxpayer:

Exemption	Exemption Phase-out Begins at AMTI	Exemption Phase-out Complete at AMTI
$71,700	$510,300	$797,100

Exemption is phased out by 25 cents for every dollar that AMTI exceeds the threshold amount.

REGULAR TAXABLE INCOME CALCULATION
RENTAL INCOME OIL WELLS NET
INTEREST INCOME CORPORATE BONDS
INTEREST INCOME LOCAL PRIVATE ACTIVITY BONDS
STATE INCOME TAX REFUND FROM PRIOR YEAR
ADJUSTED GROSS INCOME
ITEMIZED DEDUCTIONS
STANDARD DEDUCTION
GREATER OF ITEMIZED OR STANDARD DEDUCTION
REGULAR TAXABLE INCOME
ALTERNATIVE MINIMUM TAX CALC.
REGULAR ADJUSTED GROSS INCOME
LESS: STANDARD DEDUCTION OR ITEMIZED DEDUCTION
EQUALS: REGULAR TAXABLE INCOME
PLUS: PREFERENCES AND POSITIVE ADJUSTMENTS
MINUS: NEGATIVE ADJUSTMENTS
EQUALS: ALTERNATIVE MINIMUM TAXABLE INCOME
MINUS: AMT EXEPTION AMOUNT
EQUALS: ALTERNATIVE MINIMUM TAX BASE
TENATIVE MINIMUM TAX
MINUS: REGUALR INCOME TAX
EQUALS: ALTERNATIVE MINIMUM TAX