How do you know what she's paying AMT on? It might be private activity bond interest. But it could also be on differences in depletion and other methods of stating income for AMT versus income tax purposes on her oil, gas and timber investments, which are legal tax shelters.
Dear conservative in nyc,
I don't know what she's paying AMT on. I only assumed it might be on tax-exempts that lose their status under AMT because I've read elsewhere she has a lot of tax-exempt bonds. But I can't tell you that's true or not.
In any event, she reports, I think, about $2.8 million in tax-free income, and has to pay AMT of a bit more than $300K.
Of course, if the source of these are investments that appreciate, all the better for her.
sitetest