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Federal Taxation
Quiz 12: Alternative Minimum Tax
Path 4
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Question 41
Multiple Choice
Beulah, who is single, provides you with the following information from her financial records for 2017. Compute Beulah's AMTI.
Question 42
Multiple Choice
Which of the following statements is correct?
Question 43
Multiple Choice
Dale owns and operates Dale's Emporium as a sole proprietorship. On January 30, 2003, Dale's Emporium acquired a warehouse for $100,000. For regular income tax purposes in 2017, depreciation was deducted under MACRS using a 2.564% rate. Determine the AMT adjustment for depreciation and indicate whether it is positive or negative.
Question 44
Multiple Choice
Vicki owns and operates a news agency (as a sole proprietorship) . During 2017, she incurred expenses of $24,000 to increase circulation of newspapers and magazines that her agency distributes. For regular income tax purposes, she elected to expense the $24,000 in 2017. In addition, Vicki incurred $15,000 in circulation expenditures in 2018 and again elected expense treatment. What AMT adjustments will be required in 2017 and 2018 as a result of the circulation expenditures?
Question 45
True/False
Kay claimed percentage depletion of $119,000 for the current year for regular income tax purposes. Cost depletion would have been $60,000. Her basis in the property was $90,000 at the beginning of the current year. Kay must treat the percentage depletion deducted in excess of cost depletion, or $59,000, as a preference in computing AMTI.
Question 46
True/False
For individual taxpayers, the AMT credit is applicable for the AMT that results from timing differences, but it is not available for the AMT that results from the adjustment for itemized deductions or exclusion preferences.