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John Krasinski (single): Regular taxable income: $131,000. Regular tax liability: $22,365. Tax-exempt interest on Boston bond used to pay for renovations to the Fenway stadium

John Krasinski (single):

  • Regular taxable income: $131,000.
  • Regular tax liability: $22,365.
  • Tax-exempt interest on Boston bond used to pay for renovations to the Fenway stadium (private activity) $600
  • Itemized deduction for state/local taxes $10,000 (Courtney chose itemized deduction not standard deduction during the year)
  • State income tax refund included in regular taxable income $900
  • Qualified dividend $1,100 included in regular taxable income

Determine Johns (1) alternative minimum taxable income (AMTI), (2) alternative minimum tax (AMT) base, (3) tentative AMT, and (4) AMT.

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