1. The alternative minimum tax does not apply to which of the following? a. Individuals b. C -corporations with average three-year gross receipts of $20 million c. Trusts d. Partnerships

e. S-corporations with average three-year gross receipts of $3.5 million f. Estate

2. L is single and earned $900,000 on the LPGA (golfing). She has deductible selfemployment awayfromhome expenses of $125,000 and current years circulation expenditures of $600,000. L uses the standard deduction. Determine Ls regular taxable income for 2020 and her alternative minimum taxable income (ignore the QBI deduction and the deduction for the SE tax). a. $175,000, $475,000 b. $162,600, $575,000 c. $287,600, $687,600 d. $562,600, $175,000

3. L is single and earned $900,000 on the LPGA. She has deductible selfemployment awayfromhome expenses of $125,000 and the current years circulation expenditures of $600,000. L uses the standard deduction. Determine the regular tax liability and the AMT liability (ignore the QBI deduction and the self-employment tax and use Tax Rate schedules on the back cover of the text, not Tax Tables).

a. $37,016, $71,614

b. $33,104, $107,488

c. $75,456, $104,547 d. $172,589, $0

e. None of the above