1. Samson and Delilah file a joint income tax return for 2020. They have two dependent children, students, ages 19 and 20. Samson earns wages of $150,000 and they have corporate bonds interest income of $15,000 and a state income tax refund of $9,000.

Their expenses for the year include:

Real estate taxes $12,000

State taxes withheld 3,500

Cash contributions 3,000

What is their alternative minimum taxable income?

Seleccione una:

a.

$174,000

b.

$153,500

c.

$162,000

d.

$147,000

e.

None of the above.

2. Mara Teresa and Danilo are brother and sister. Mara Teresa sold stock to Danilo for $5,000, its fair market value. Mara Teresa had bought the stock 5 years ago for a cost of $7,000. What is Mara Teresas recognized loss before the $3,000 capital loss limitation?

Seleccione una:

a.

$7,000

b.

$3,000

c.

$2,000

d.

$0

e.

$5,000