17-For the current year, a single taxpayer has adjusted gross income of $131,500 and the following itemized deductions:

What amount does the taxpayer report as alternative minimum taxable income?

A.

$104,500

B.

$114,000

C.

$122,500

D.

$123,000

Which of the following is (are) a tax preference item used in calculating a taxpayer's AMT?

Life insurance proceeds (as beneficiary)

7% of the small business stock gain exclusion

A.

Yes

Yes

B.

Yes

No

C.

No

Yes

D.

No

No