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Lynn, age 45, is single and has no dependents. Her income and expenses for the current year are reported as follows: Income Salary $33,000 Interest

Lynn, age 45, is single and has no dependents. Her income and expenses for the current year are reported as follows:

Income
Salary $33,000
Interest on corporate bonds 1,800
Dividend income 1,900
Business income 64,000
Expenses
Total medical expenses 12,000
State income taxes 6,000
Real property taxes 8,500
Home mortgage (qualified housing) interest 9,200
Investment interest 5,500
Cash contributions to various charities 2,900

The $64,000 business income is from Apex Office Supplies Company, a sole proprietorship that Lynn owns and operates. Apex claimed MACRS depreciation of $3,175 on real and personal property used in the business. AMT depreciation on the property would have been $2,500.

Lynn received interest of $30,000 on 2011 City of Pensacola private activity bonds.

Based on the information presented above, compute Lynns AMT liability.

Click here to access the Tax Rate Schedules.

If an amount is zero, enter "0". Round your intermediate computations and final answers to nearest dollar

Total income $
Less: deductions for AGI
Adjusted gross income $
Less: deductions from AGI
Itemized deductions $
Personal exemptions
Taxable income $
Regular income tax calculation
Total tax $
Computation of alternative minimum tax
Taxable income $
Plus total adjustments and preferences
Less: Investment interest
Alternative minimum taxable income
Less: AMT exemption
AMT base $
Tentative AMT $

Total alternative minimum tax

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