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.