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Problem 17-36 (LO. 7) Renee and Sanjeev Patel, who are married, reported taxable income of $1,008,000 for 2019. They incurred positive AMT adjustments of $75,000

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Problem 17-36 (LO. 7) Renee and Sanjeev Patel, who are married, reported taxable income of $1,008,000 for 2019. They incurred positive AMT adjustments of $75,000 and tax preference items of $67,500. The Patels itemize their deductions. a. Compute the Patels' alternative minimum taxable income (AMTI) for 2019. 1,008,000 Taxable income Plus: positive AMT adjustments 75,000 Plus: preference items 67,500 Equals: AMTI 1,150,500 Feedback b. Compute the Patel's tentative minimum tax. Computation of AMT Base and Tax AMTI 1,150,500 AMT exemption 113,400 X AMT base 1,038,800 x TMT 318, 244 X

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