Fred and Wilma are married and each aged 67 years, with no dependents. Fred is legally blind. Their income and expenses are listed below.

1- Compute their alternative minimum tax for 2020 Showing ALL calculations.

2- please find and print the IRC subsection that describes the AMT exemption amounts.

Salaries $151,000

Interest Income State Bank $1,700

Interest Income private activity bonds (issued 2013) $20,000

Gambling income $3,000

Dividend income (not qualified dividends) $2,000

Medical expenses (before AGI floor) $16,000

Gambling losses $6.000

State income taxes $ 3,500

Mortgage interest on home $4,600

Investment interest expense $2,100

Real estate taxes $ 3,200

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* USA * IRS 2020