46. Jose, a single taxpayer, has the following tax information for the current year.

Charitable contribution of real property with a FMV of $30,000 (adjusted basis $20,000) for which a $30,000 deduction was taken for regular tax.

Research and experimental expenses of $50,000 deducted in full for regular tax.

Joses total tax preferences and adjustments equals

A) $5,000.

B) $35,000.

C) $41,000.

D) $45,000.

47. The general business credit may not exceed the net income tax minus the greater of the tentative minimum tax or

A) 20% of the net regular tax liability above $20,000.

B) 25% of the net regular tax liability above $20,000.

C) 20% of the net regular tax liability above $25,000.

D) 25% of the net regular tax liability above $25,000.

48. Which of the following statements is incorrect regarding qualifying criteria for the health insurance premium tax credit?

A) Household income must be below designated levels.

B) The taxpayer cannot have access to affordable essential coverage through an employer.

C) The insurance policy must be purchased directly from an insurance company.

D) The individual may not be eligible as a dependent of another taxpayer.