Question - Dick Jones, a single taxpayer, had $70,000 in taxable income before personal exemptions in the current year. Jones had no tax preferences. His itemized deductions were as follows:
State and local income taxes $5,000
Home mortgage interest on loan to acquire residence 6,000
Miscellaneous deductions exceeding 2% of AGI 2,000
What amount did Jones report as alternative minimum taxable income before the AMT exemption?