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1. In July 2014, Tom Babson hires a veteran who had been unemployed for six weeks prior to his hire date. First year wages paid during 2014 and 2015 were $4,000 and $8,000, respectively. Tom's 2014 work opportunity credit is:

Question 1 options:

	1) $0.
	2) $1,400.
	3) $2,400.
	4) $1,600.
	5) $800.

2. Which of the following is not added back to taxable income when computing AMTI?

Question 2 options:

	1) Real estate taxes
	2) Home mortgage interest
	3) Miscellaneous deductions in excess of 2% AGI
	4) State income taxes
	5) All of the above are added back to taxable income

3. The small employer health insurance credit is not available to:

Question 3 options:

	1) employers that employ more than 10 full-time equivalent employees.
	2) employers that pay less than 50% of their employees' health insurance premiums.
	3) employers whose employees' wages average more than $25,000.
	4) none of the above.
	5) all of the above.

4. Without any special election, a net operating loss generated during 2014 is:

Question 4 options:

	1) carried back to 2012 and then carried forward to 2014-2033.
	2) carried back to 2011-2012 and then carried forward to 2014-2028.
	3) carried back to 2012 and then carried forward to 2014-2028.
	4) carried back to 2010-2012 and then carried forward to 2014-2033.
	5) carried back to 2012-2013 and then carried forward to 2015-2034.

5. The taxpayer's adjusted basis in a certified historic structure is $100,000. During the year, the taxpayer spends $120,000 to rehabilitate the building. The taxpayer's adjusted basis in the building after taking into consideration the improvements and the rehabilitation credit is:

Question 5 options:

	1) $220,000.
	2) $196,000.
	3) $208,000.
	4) $176,000.
	5) None of the above.

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