Which of the following may not be deducted in the computation of alternative minimum taxable income of an individual?
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1 .The alternative minimum tax (AMT) is computed as the:
A Lesser of the tentative AMT or the regular tax. B Excess of the regular tax over the tentative AMT. C Excess of the tentative AMT over the regular tax. D The tentative AMT plus the regular tax.
2 .Robert had current-year adjusted gross income of USD100,000 and potential itemized deductions as follows:Medical expenses (before percentage limitations)USD12,000State income taxes4,000Real estate taxes3,500Qualified housing and residence mortgage interest10,000Home equity mortgage interest (used to consolidate personal debts)4,500Charitable contributions (cash)5,000What are Robert's itemized deductions for alternative minimum tax?
A USD21,500 B USD19,500 C USD25,500 D USD17,000
3 .Farr, an unmarried taxpayer, had USD70,000 of adjusted gross income and the following deductions for regular income tax purposes:Home mortgage interest on a loan to acquire a principal residenceUSD11,000Miscellaneous itemized deductions above the threshold limitation2,000What are Farr's total allowable itemized deductions for computing alternative minimum taxable income?
A USD0 B USD11,000 C USD13,000 D USD2,000
4 .Which of the following is not an adjustment or preference to arrive at alternative minimum taxable income?
A Individual taxpayer net operating losses. B Passive activity losses. C Deductible medical expenses. D Deductible contributions to individual retirement accounts.
5 .On their joint tax return, Sam and Joann, who are both over age 65, had adjusted gross income (AGI) of USD150,000 and claimed the following itemized deductions:Interest of USD15,000 on a USD100,000 home equity loan to purchase a motor homeReal estate tax and state income taxes of USD18,000Unreimbursed medical expenses of USD15,000 (prior to AGI limitation)Miscellaneous itemized deductions of USD5,000 (prior to AGI limitation)Based on these deductions, what would be the amount of AMT add-back adjustment in computing alternative minimum taxable income?
A USD 23,750 B USD 35,000 C USD 38,750 D USD 21,750
7 .When computing alternative minimum tax, the individual taxpayer may take a deduction for which of the following items?
A Casualty losses. B State income taxes. C Miscellaneous itemized deductions in excess of 2% of adjusted gross income floor. D Personal and dependency exemptions.
8 .Krete, an unmarried taxpayer with income exclusively from wages, filed her initial income tax return for Year 8. By December 31, Year 8, Krete's employer had withheld USD16,000 in federal income taxes and Krete had made no estimated tax payments. On April 15, Year 9, Krete timely filed an extension request to file her individual tax return and paid USD300 of additional taxes. Krete's Year 8 income tax liability was USD16,500 when she timely filed her return on April 30, Year 9, and paid the remaining income tax liability balance.What amount would be subject to the penalty for the underpayment of estimated taxes?
A USD 16,500 B USD 500 C USD 200 D USD 0
9 .Chris Baker's adjusted gross income on her current year tax return was USD160,000. The amount covered a 12-month period. For the next tax year, Baker may avoid the penalty for the underpayment of estimated tax if the timely estimated tax payments equal the required annual amount of:I.90% of the tax on the return for the current year paid in four equal installments.II.110% of prior year's tax liability paid in four equal installments.
A I only. B Neither I nor II. C II only. D Both I and II.
10 .A claim for refund of erroneously paid income taxes, filed by an individual before the statute of limitations expires, must be submitted on Form:
A 1040X B 1139 C 1045 D 843
