The Individual Alternative Minimum Tax $($AMT$)($LO $6\mathrm{.}5)$

Otto and Monica are married taxpayers who file a joint tax return. For the

current tax year, they have AGI of $$118,800.$ They have excess

depreciation on real estate of $$71,280,$ which must be added back to AGI

to arrive at AMTI. The amount of their mortgage interest expense for the

year was $$23,760,$ and they made charitable contributions of $$11,880.$

If Otto and Monica's taxable income for the current year is $$83,160$

determine the amount of their AMTI before the exemption.