Farr is single, has no dependents, and does not itemize her deductions. She reports the following items on her 2021 tax return: Bargain element from the exercise of an ISO (no restrictions apply to the stock) MACRS depreciation on shopping mall building acquired in 2016 Percentage depletion in excess of property's adjusted basis Taxable income for regular tax purposes Regular tax liability $45,000 49,000 50,000 221,000 51,894 a. Determine Farr's AMT adjustments and preferences for 2021 by classifying each of the following as a "Tax preference item", an "AMT adjustment", or "Neither". Excess of the fair market value of the stock over the exercise price of AMT adjustment an incentive stock option MACRS depreciation on shopping mall building acquired in 2016 Percentage depletion in excess of property's adjusted basis Standard deduction Neither Tax preference item AMT adjustment b. Compute Farr's AMTI, AMT base taxable income (before standard deduction) and AMT 2021. If required, round your intermediate computations and final answer to nearest dollar. Click here to access exemption tables. Computation of AMTI and AMT Base Taxable income (before standard deduction) Plus: Net AMT adjustments and tax preferences Equals: AMTI Less: $233,550 94,000 X 139,550 X 50,000 X AMT base exemption amount AMT computation Tentative minimum tax Less: tax on regular taxable income AMT 89,550 X 23,283 X 51,894 8,180 X Phaseout Status Exemption Begins at Ends at Married, joint $114,600 $1,047,200 $1,505,600 Single or head of household 73,600 523,600 818,000 Married, separate 57,300 523,600 752,800