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AMT Adjustments and Computation of AMT Tax

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Given summary information about Allen's 2006 income tax return, what is the amount of AMT adjustments related to itemized deductions? What is the AMT liability for 2006?

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Solution Summary

The solution provides a step by step explanation following the format of Form 6251 for reference. Entries on lines 1, 2, and 3 are explained in detail.

Solution Preview

Referring to a Form 6251, the following amounts would be entered:

Line 1 $40,125
Line 2 1,875
Line 3 13,000

Line ...

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