Question
11. Which of the following items is not added back to regular taxable income in computing alternative minimum taxable income? Group of answer choices A.
11. Which of the following items is not added back to regular taxable income in computing alternative minimum taxable income?
Group of answer choices
A. Tax-exempt interest from a private activity bond issued in 2007.
B. State income taxes.
C. Home mortgage interest expense.
D. Real property taxes.
12. Which of the following statements regarding the AMT exemption amounts is not true?
Group of answer choices
A. Taxpayers must choose whether they will claim the exemption or itemize deductions.
B. The amount of the exemption depends on the taxpayer's filing status.
C. The exemption amount is completely phased-out for high income taxpayers.
D. None of the above statements is false (all of the above statements are true).
13. Taxpayers are not allowed to deduct the standard deduction for alternative minimum tax purposes.
Group of answer choices
True
False
14. For alternative minimum tax purposes, taxpayers are allowed to deduct state income taxes but are not allowed to deduct charitable contributions.
Group of answer choices
True
False
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