Problem 12-55 (LO. 2, 5) Renee and Sanjeev Patel, who are married reported taxable income of $273,000 for 2017. They incurred positive AMT adjustments of $38,000, negative AMT adjustments of $14,000, and tax preference items of $67,500. Assume the Patels itemize their deductions a. Compute the Patels' alternative minimum taxable income (AMTI) for 2017 Taxable income (before exemptions) Plus: positive AMT adjustments negative AMT adjustments preference items 38,000 14,000 67,500 Less: Plus: Equals : AMTI b. Will Renee and Sanjeev's AMT exemption be limited for 2017? Their tentative exemption of is at a rate of 25 cents on the dollar when AMTI exceeds As a result, their AMT exemption is When computing their tentative minimum tax, the first $187,800 of AMTI will be taxed at 96, and any excess over $187,800 will be taxed at %. Therefore, the total tentative minimum tax is $