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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Referring to a Form 6251, the following amounts would be entered:
Line 1 $40,125
Line 2 1,875
Line 3 13,000
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.