Use the following data to calculate Stefan and Theresa's alternative minimum tax (AMT)

Taxable income before personal exemptions	185,000
Positive AMT adjustments	4,500
Negative AMT adjustments	12,000
AMT preferences	49,000

Stefan and Theresa will file married, filing jointly.

Stefan and Theresa's taxable income

$185,000

Plus or minus:

SelectPositive adjustmentsNegative adjustmentsTax preferences

SelectNegative adjustmentsTax preferencesAMT exemption

Plus:

SelectNegative adjustmentsTax preferencesAMT exemption

Equals:

Alternative minimum taxable income (AMTI)

$

Less:

SelectAMT creditExemptionTax preferences

Equals:

AMT base

$