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AMT conundrum

In theory, anyhow, the AMT is designed to reduce a taxpayer's benefit from a variety of deductions, credits, and another adjustments.

However, I understood that the 15% rate applicable both to qualified dividends and long-term capital gains was not among the tainted items. In fact form 6251 Part III requires a set of lengthy calculations to deal with

15% rate long term capital gains.

Here's my question, should I expect that a taxpayer with no AMT adjustments, but a substantial AGI, which includes substantial 15% rate long term capital gains to end up owing an AMT?

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Yes, they could end up owing more AMT because of qualified dividends and long term capital gains . While these items of income are not subject to AMT (they are still taxed at 15% under AMT), they do increase your AGI, and thereby decrease your AMTI exemption (form

6251, line 30,
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