HS321: Chpt 15

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0 [{"id":406786,"quiz_id":"20544","answer_id":null,"answerType_id":"0","created_at":"2018-03-12 04:48:02","updated_at":"2018-03-12 04:48:18","questionName":"TC corporations may be subject to the AMT as a result of receiving life insurance proceeds. [2]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":2,"explanation":null,"question_score_id":null,"lang":null,"questionAudioPath":null},{"id":406778,"quiz_id":"20544","answer_id":null,"answerType_id":"0","created_at":"2018-03-12 04:48:02","updated_at":"2018-03-12 04:48:18","questionName":"Medical expenses of a 68-year-old taxpayer in excess of 7.5 percent of adjusted gross income are allowable in computing the AMT. [1]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":6,"explanation":"The medical expense deduction floor for AMT purposes is 10 percent of adjusted gross income for all taxpayers regardless of age.","question_score_id":null,"lang":null,"questionAudioPath":null},{"id":406781,"quiz_id":"20544","answer_id":null,"answerType_id":"0","created_at":"2018-03-12 04:48:02","updated_at":"2018-03-12 04:48:18","questionName":"The exemption amount for purposes of calculating the AMT increases at higher income levels. [1]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":9,"explanation":"The exemption amount for purposes of calculating the AMT is a flat amount that is gradually phased out (reduced) above specified levels of AMTI.","question_score_id":null,"lang":null,"questionAudioPath":null},{"id":406785,"quiz_id":"20544","answer_id":null,"answerType_id":"0","created_at":"2018-03-12 04:48:02","updated_at":"2018-03-12 04:48:18","questionName":"The ACE preference may subject corporations to the AMT on items that are not included in gross income for purposes of the regular income tax. [2]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":1,"explanation":null,"question_score_id":null,"lang":null,"questionAudioPath":null},{"id":406783,"quiz_id":"20544","answer_id":null,"answerType_id":"0","created_at":"2018-03-12 04:48:02","updated_at":"2018-03-12 04:48:18","questionName":"The AMT rate is the same for both individuals and corporations. [2]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":11,"explanation":"The individual rates are 26 and 28 percent, while the corporate rate is 20 percent.","question_score_id":null,"lang":null,"questionAudioPath":null},{"id":406775,"quiz_id":"20544","answer_id":null,"answerType_id":"0","created_at":"2018-03-12 04:48:02","updated_at":"2018-03-12 04:48:18","questionName":"Theft and casualty losses are not tax-preference items for purposes of the AMT. [1]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":3,"explanation":null,"question_score_id":null,"lang":null,"questionAudioPath":null},{"id":406776,"quiz_id":"20544","answer_id":null,"answerType_id":"0","created_at":"2018-03-12 04:48:02","updated_at":"2018-03-12 04:48:18","questionName":"When computing the AMT, the standard deduction must be added back to taxable income by taxpayers who use it for regular tax purposes. [1]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":4,"explanation":null,"question_score_id":null,"lang":null,"questionAudioPath":null},{"id":406780,"quiz_id":"20544","answer_id":null,"answerType_id":"0","created_at":"2018-03-12 04:48:02","updated_at":"2018-03-12 04:48:18","questionName":"Interest on nongovernmental purpose bonds issued after August 7, 1986, is generally a tax-preference item for purposes of the AMT. [1]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":8,"explanation":null,"question_score_id":null,"lang":null,"questionAudioPath":null},{"id":406779,"quiz_id":"20544","answer_id":null,"answerType_id":"0","created_at":"2018-03-12 04:48:02","updated_at":"2018-03-12 04:48:18","questionName":"Certain interest expenses are deductible in computing AMTI. [1]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":7,"explanation":null,"question_score_id":null,"lang":null,"questionAudioPath":null},{"id":406777,"quiz_id":"20544","answer_id":null,"answerType_id":"0","created_at":"2018-03-12 04:48:02","updated_at":"2018-03-12 04:48:18","questionName":"Charitable contributions are generally allowable as itemized deductions in determining the AMT. [1]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":5,"explanation":null,"question_score_id":null,"lang":null,"questionAudioPath":null},{"id":406784,"quiz_id":"20544","answer_id":null,"answerType_id":"0","created_at":"2018-03-12 04:48:02","updated_at":"2018-03-12 04:48:18","questionName":"TA \u201csmall corporation\u201d that is exempt from the AMT will later lose its exemption if its 3-year average gross receipts exceed $5 million. [2]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":0,"explanation":"A corporation will lose its existing AMT exemption if its 3-year average gross receipts exceed $7.5 million.","question_score_id":null,"lang":null,"questionAudioPath":null},{"id":406782,"quiz_id":"20544","answer_id":null,"answerType_id":"0","created_at":"2018-03-12 04:48:02","updated_at":"2018-03-12 04:48:18","questionName":"The AMT rate for individual taxpayers is 20 percent. [1]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":10,"explanation":"The AMT rates for individual taxpayers are 26 and 28 percent.","question_score_id":null,"lang":null,"questionAudioPath":null}]
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TC corporations may be subject to the AMT as a result of receiving life insurance proceeds. [2]

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