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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

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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. Taxable income 1,008,000 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 111,700 X AMT base 1,038,800 x TMT 290,864 X

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