Final answer:
When calculating alternative minimum taxable income, personal exemptions that are usually deducted to arrive at regular taxable income are not added back; they are disregarded entirely, along with the standard deduction.
Step-by-step explanation:
To determine which of the following amounts is NOT added back to regular taxable income to arrive at alternative minimum taxable income (AMTI), it's important to understand that personal exemptions are a part of regular taxable income but are disregarded when calculating AMTI.
Taxable income is typically calculated by subtracting deductions and exemptions from your adjusted gross income. However, for AMTI, the Internal Revenue Code requires that you make certain adjustments and add-backs to your regular taxable income, essentially disallowing some of the common deductions and exemptions used to arrive at your regular taxable income.
Thus, when calculating AMTI, you do not add-back personal exemptions. Instead, these are eliminated, along with the standard deduction, as part of the calculation to ensure that every taxpayer pays a minimum amount of tax.