1. Alternative tax itemized deductions (ATIDs) for individuals do not include a. charitable contributions. b. itemized deductions relating to casualty losses. c. property taxes on your house. d. home equity loan interest on a loan used to put in a new kitchen. e. all the above.

f. More than one of the above.

2. S receives incentive stock options (ISOs) as part of a compensation plan (no value when received). The unrestricted option is for 100 shares at $100 per share. S exercises the option five years later when the FMV of the stock is $190 per share. S holds the stock for five more years and then sells it for $225 per share. Regarding the sale by S of the ISO stock, S will have a regular tax gain and AMT gain, respectively, of

a. $12,500 and $13,590. b. $2,500 and $12,500. c. $12,500 and $3,500.

d. $13,590 and $12,500

e. $22,500 and $3,500. 3. Which one of the following describes the minimum tax credit? a. Can be carried forward 20 years. b. Offsets any future minimum tax liability c. Offsets any future regular tax liability d. Includes permanent timing differences only between regular taxes and the AMT.