The following information is available for the Albert and Allison Gaytor family in addition to that provided in Chapters 1–5.

Albert’s grandfather died and left a portfolio of municipal bonds. In 2016, they pay Ivan $80,000 in tax-free interest. Since the bonds are private activity bonds, the $80,000 is a tax preference for purposes of the AMT. Assume for Chapters 6, 7, and 8 that Albert’s federal income tax withholding from his wages is $12,000, not $6,120.

Required: Combine this new information about the Gaytor family with the information from Chapters 1–5 and complete a revised 2016 tax return for Albert and Allison. Be sure to save your data input files since this case will be expanded with more tax information in later chapters.