Which of the following is not an adjustment or preference to arrive at alternative minimum taxable income?
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1 .Alternative minimum tax preferences include:I. Tax exempt interest from private activity bondsII. Charitable contributions of appreciated capital gain property
A Neither I nor II. B I only. C II only. D Both I and II.
2 .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.
3 .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.
4 .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
5 .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
7 .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
8 .Which of the following may not be deducted in the computation of alternative minimum taxable income of an individual?
A Traditional IRA account contribution. B Charitable contributions. C Personal exemptions. D One-half of the self-employment tax deduction.
9 .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.
10 .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
