Question: Thomas Everett (age 51) is married and will file a joint return with his husband, Donnie (age 48). They have three dependent children. They anticipate

Thomas Everett (age 51) is married and will file a joint return with his husband, Donnie (age 48). They have three dependent children. They anticipate an AGI of $311K. They have $1K of tax-exempt interest from qualified private-activity municipal bonds issued in 2007. Tyler exercised an incentive stock option during the year. The option price was $35K, while the FMV of the stock at the time the option was exercised was $103K. State income and real estate taxes were $17K and $6,400 respectively. Assume that their income, deductions, and tax calculation (for regular income tax purposes) for 2023 are as follows:

Adjusted gross income $311K
Deductions:
Charitable contributions (cash) $18K
State income taxes--$17,000
Real estate taxes--$6,400 $10K ($10K limited SALT deduction)
Home mortgage interest $15.5K
Total itemized deductions ($43,500)
Taxable income $267,500
Tax on $267,500 $51,000
Less: child tax credit 6,000
Total tax 45,000

What is the amount, if any, of the AMT payable? (Start with AGI, or the technically-correct adjusted taxable income.)

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