Q3: Which of the following are tax preference items for purposes of computing the individual AMT? a....

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Q3: Which of the following are tax preference items for purposesof computing the individual AMT?
a. Net long-term capital gain
b. Excess depreciation for real property placed in servicebefore 1987
c. Straight-line depreciation on residential real estateacquired in 1992
d. Appreciated portion of the value of capital gain realproperty contributed to charity
Q4:Which of the following are individual AMT adjustments?
a. Itemized deductions that are allowed for regular tax purposesbut not allowed in computing AMTI.
b. Excess of MACRS depreciation over depreciation computed underthe alternative depreciation system for real property placed inservice after 1986 and before 19
C. Excess of MACRS depreciation over depreciation computed underthe alternative depreciation system for personal property placed inser-vice after 1986.
d. Tax-exempt interest earned on State of Michigan bonds.
Q17: What types of business property qualify for the businessenergy credit?
Q24: The adoption credit is intended to assist taxpayers withthe financial burden of adopting children. a. Discuss how thecredit is computed. b. Why did Congress impose a phase-out of thecredit for taxpayers based on AGI
Q26: Why are most elderly people unable to qualify for the taxcredit for the elderly?
Q31: Although Virginia is entitled to five personal anddependency exemptions on her income tax re-turn, she claims onlyone withholding allowance on Form W
a. Is it permissible to claim fewer allowances than anindividual is entitled to?
b. Why would an individual claim fewer allowances?
c. Is it possible for Virginia to claim more than fivewithholding allowances

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Q3 The following are tax preference items for purposes of computing the individual AMT Depletion Interest on private activity bonds Accelerated depreciation on property placed in service before 1987 Exclusion of gain on qualified small business stock So Excess depreciation for real property placed in service before 1987 is the preference item Q4 The following are individual AMT adjustments The limitation on overall itemized deductions Miscellaneous itemized deductions subject to the 2 floor Standard deduction and personal exemptions Certain state local and foreign taxes Medical expenses Certain interests including home mortgage and investment interest Incentive Stock Option ISO exercises Depreciation deduction Mining exploration and development costs Longterm contract expenses Alternative tax net operating losses Amortization deductions for pollution control facilities Gain or loss on the disposition of property Circulation expenses Research and experimental expenses a Itemized deductions that are allowed for regular tax See Answer

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Q3: Which of the following are tax preference items for purposesof computing the individual AMT?a. Net long-term capital gainb. Excess depreciation for real property placed in servicebefore 1987c. Straight-line depreciation on residential real estateacquired in 1992d. Appreciated portion of the value of capital gain realproperty contributed to charityQ4:Which of the following are individual AMT adjustments?a. Itemized deductions that are allowed for regular tax purposesbut not allowed in computing AMTI.b. Excess of MACRS depreciation over depreciation computed underthe alternative depreciation system for real property placed inservice after 1986 and before 19C. Excess of MACRS depreciation over depreciation computed underthe alternative depreciation system for personal property placed inser-vice after 1986.d. Tax-exempt interest earned on State of Michigan bonds.Q17: What types of business property qualify for the businessenergy credit?Q24: The adoption credit is intended to assist taxpayers withthe financial burden of adopting children. a. Discuss how thecredit is computed. b. Why did Congress impose a phase-out of thecredit for taxpayers based on AGIQ26: Why are most elderly people unable to qualify for the taxcredit for the elderly?Q31: Although Virginia is entitled to five personal anddependency exemptions on her income tax re-turn, she claims onlyone withholding allowance on Form Wa. Is it permissible to claim fewer allowances than anindividual is entitled to?b. Why would an individual claim fewer allowances?c. Is it possible for Virginia to claim more than fivewithholding allowances