Amber, Inc., reports taxable income of $212,000. In addition, Amber records the following information which may affect its AMT. Depreciation on buildings was $52,000. ADS would have been $41,000. The president of Amber exercised stock options on Amber stock. She paid $30,000 for the stock, which had a fair market value at exercise date of $49,000. At the end of the year, the stock was worth $54,000. Amber deducted percentage depletion of $65,000. The adjusted basis of the natural resource at the beginning of the year was $39,000. Amber contributed CSX stock worth $20,000 to the Red Cross. Amber purchased the stock four months ago for $19,000. What is Amber's AMTI?

$212,000

$233,000

$238,000

$249,000

none of these

Answer rating: 100% (QA)

Explanation Depriciation52000 4100011000 depletion in excess of fair ... View the full answer