Bobbie, a single taxpayer, has taxable income of $70,000 and a regular tax liability of $11,340 in 2018.

Bobbie also has:

Tax exempt interest on private activity bonds of $15,000 and

Excess depletion expense over adjusted basis in natural resource of $23,000

A claimed standard deduction for a single individual

The single taxpayer AMT basic exemption is $70,300 and the phase-out income threshold of $500,000

AMT tax rates are 26% on first $191,100 of taxable income and 28% on any excess.

Compute the Alternative Minimum Tax.

Be sure to show

1. AMTI
2. Exemption amount,
3. AMT tax base as well as
4. AMT