1)Gabriel and Guillermina are married and declared as MFS. Gabriel's taxable income is $649,200 for 2022. How much of the alternative minimum tax exclusion can he use?

a) $114,900.

b) $31,725.

c) $57,300.

d) $67,900.

2) Gabriel received 2020 qualified disaster distributions in the amount of $25,300 on March 25, 2020. He wants to repay that amount using a $30,000 contribution he made in February 2020. Which of the following is true?

a) He can treat the $30,000 contribution as a return.

b) He can treat only $15,000 as a return.

c) Returns are not allowed.

d) he cannot treat the $30,000 contribution as a return.

3) Lucas wants to take bonus depreciation on the equipment he placed in service in 2022. The amount he spent was $6,820. How much can you deduct?

a) $2,728.

b) $6,820.

c) $4,092.

c) $0.

4)) Eduardo and Iris file as MFJ for tax year 2022. They have $1,255,000 in mortgage debt that was forgiven. How much of this amount should be included in your income?

a) $850,000.

b) $505,000.

c) $0.

d) This deduction is no longer available for 2022.

5)) Which of the following statements is not true regarding financial accounts?

a) A financial account includes securities.

b) A financial account is located in a foreign country if the account is physically located in the United States.

c) A financial account also includes a cash value annuity.

d) All of the above is true.

6)) Which of the following statements is not true?

a) Some provisions are temporary because the proponents want them to be permanent.

b) These temporary tax provisions are often referred to as expiring provisions.

c) The Consolidated Appropriations Act of 2021, enacted on December 27, 2021, extends until 2021, or even permanently, many existing tax provisions.

d) Congress often enacts temporary tax provisions.