Dan and Maureen file a joint income tax return for 2017. They have two dependent children, ages 7 and 9. Together they earn wages of $152,000.

Dan and Maureen file a joint income tax return for 2017. They have two dependent children, ages 7 and 9.

Together they earn wages of $152,000. They also receive taxable interest income of $8,000 and interest

on private activity bonds issued by the City of Los Angeles of $12,000. During 2017, they received a state

income tax refund of $3,000 relating to their 2016 state income tax return on which they itemized

deductions. Their expenses for the year consist of the following:

Home mortgage interest (on acquisition debt) $ 9,000

Interest on credit cards 2,000

Real property taxes 3,000

Cash contributions 15,000

Unreimbursed employee business expenses 20,000

State income taxes withheld 15,000


1. Prepare a schedule that shows the calculation of Dan and Maureen’s regular income tax liability.

2. Prepare a schedule that shows the calculate Dan and Maureen’s tentative minimum tax liability

assuming an AMT exemption amount of $84,500, before any phase-outs.

3. Do Dan and Maureen have to pay AMT tax? Explain your answer.

4. You must show supporting computations to receive credit.

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