Cliff Is Married and Files a Joint Return

question 35

Multiple Choice

Cliff is married and files a joint return.His return shows AGI of $268,000 and a net tax liability of $49,772 on taxable income of $224,000.He has $30,000 of preference items and $21,000 of net positive adjustments (including adjustments for itemized deductions and exemptions) .What is his AMTI exemption amount?

• A)$83,400
• B)$79,450
• C)$54,375
• D)$29,025

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