Prepare Form 6251, Alternative Minimum Tax Individuals, for Peter and Kristina Wright using the information provided Your instructor will provide a blank Form 6251 Peter K (SSN 621 11 7675) and Kristina E Wright (SSN 375 04 8753) file a joint return and claim five dependents During 2020, their regular taxable income and tax liability were as follows Salaries $180,000 Interest income 3,000 Adjusted gross income $183,000 Itemized deductions Charitable contributions $3,000 State and local property taxes 7,500 State and local income taxes 2,250 Home mortgage interest 17,000 (29,750) Taxable income $153,250 Tax liability $ 25,295 The Wrights received $14,000 of tax exempt interest from a specified private activity bond purchased in 2005 In addition, Peter paid $5,000 for $125,000 of his employers shares through an incentive stock option

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Question: Prepare Form 6251, Alternative Minimum Tax Individuals, for Peter and Kristina Wright using the information provided. Your instructor will provide a blank Form 6251. Peter

Prepare Form 6251, Alternative Minimum TaxIndividuals, for Peter and Kristina Wright using the information provided. Your instructor will provide a blank Form 6251.

Peter K. (SSN 621-11-7675) and Kristina E. Wright (SSN 375-04-8753) file a joint return and claim five dependents. During 2020, their regular taxable income and tax liability were as follows:

Salaries		$180,000
Interest income		3,000
Adjusted gross income		$183,000
Itemized deductions:
Charitable contributions	$3,000
State and local property taxes	7,500
State and local income taxes	2,250
Home mortgage interest	17,000	(29,750)
Taxable income		$153,250
Tax liability		$ 25,295

The Wrights received $14,000 of tax-exempt interest from a specified private activity bond purchased in 2005. In addition, Peter paid $5,000 for $125,000 of his employers shares through an incentive stock option.

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