Alternative minimum tax preferences include:I. Tax exempt interest from private activity bondsII. Charitable contributions of appreciated capital gain property
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1 .Which of the following credits can result in a refund even if the individual had no income tax liability?
A Adoption Credit. B Child and Dependent Care Credit. C Earned Income Credit. D Credit for the Elderly or Permanently Disabled.
2 .Which of the following disqualifies an individual from the earned income credit?
A The taxpayer has a filing status of married filing separately. B The taxpayer's qualifying child is a 17-year-old grandchild. C The taxpayer's five-year-old child lived in the taxpayer's home for only eight months. D The taxpayer has earned income of USD5,000.
3 .Which of the following is not a refundable tax credit?
A Excess social security paid. B Earned income credit. C Child tax credit. D Retirement savings contribution credit.
4 .An employee who has had social security tax withheld in an amount greater than the maximum for a particular year, may claim:
A The excess as a credit against income tax, if that excess resulted from correct withholding by two or more employers. B Reimbursement of such excess from his employers, if that excess resulted from correct withholding by two or more employers. C Such excess as either a credit or an itemized deduct...
5 .Don Mills, a single taxpayer, had $70,000 in taxable income before personal exemptions in the current year. Mills had no tax preferences. His itemized deductions were as follows:State and local income taxes$5,000Home mortgage interest on loan to acquire residence6,000Miscellaneous deductions that exceed 2% of adjusted gross income2,000What amount did Mills report as alternative minimum taxable income before the AMT exemption?
A USD72,000 B USD83,000 C USD75,000 D USD77,000
7 .The credit for prior year alternative minimum tax liability may be carried:
A Back to the 3 preceding years. B Back to the 3 preceding years or carried forward for a maximum of 5 years. C Forward for a maximum of 5 years. D Forward indefinitely.
8 .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.
9 .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
10 .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
