Fred and Wilma are married and each aged 67 years, with no dependents. Fred is legally blind. Their income and expenses are listed below. Compute their alternative minimum tax for 2020 showing ALL calculations. Also, 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