Myra Dalrymple, single, age 48, had net income of $109,000 from a business and two dependent children at home. She had AMT adjustments that reduced depreciation and increased income by $28,200. She al

Myra Dalrymple, single, age 48, had net income of $109,000 from a business and two dependent children at home. She had AMT adjustments that reduced depreciation and increased income by $28,200. She also had $80,000 in salary income and received from her employer 10,000 incentive stock options to buy stock at $18 when the market price was $20. Her itemized deductions consisted of the following: 

State and local taxes 24,250 (remember the limit)

 Property taxes 7,950 

Mortgage interest(1st) 16,920 

Charitable contrib. 8,930 

Medical insurance/exp 26,950 before considering AGI floor 

What is Myra’s tax liability before credits including AMT if none of her income is long-term capital gain. Show calculation of regular income tax first.

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