Problem $12-46($LO$.2,3,4,5)$

Renee and Sanjeev Patel, who are married, reported taxable income of $$1,500,000$ for $2023.$ They incurred positive AMT adjustments of $$75,000$ and tax preference items of $$67,500.$ The Patels itemize their deductions.

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Question Content Area

a$.$ Compute the Patels' alternative minimum taxable income $($AMTI$)$ for $2023.$

Taxable income $fill in the blank $7150$a$005$a$06$afd$6\_1$

$1,500,000$

Plus:

positive AMT adjustments fill in the blank $7150$a$005$a$06$afd$6\_3$

$75,000$

Plus:

AMT preference items fill in the blank $7150$a$005$a$06$afd$6\_5$

$67,500$

Equals: AMTI $fill in the blank $7150$a$005$a$06$afd$6\_6$

$1,642,500$