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Otto and Monica are married taxpayers who file a joint tax return. For the current tax year, they have AGI of $111,600. They have excess
Otto and Monica are married taxpayers who file a joint tax return. For the current tax year, they have AGI of $111,600. They have excess depreciation on real estate of $78,120, which must be added back to AGI to arrive at AMTI. The amount of their mortgage interest expense for the year was $22,320, and they made charitable contributions of $11,160. They have no other itemized deductions.
If Otto and Monica's taxable income for the current year is $70,020, determine the amount of their AMTI.
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