Part One: The Individual Alternative Minimum Tax (AMT)

1.List two common deductions which are allowed for regular tax purposes but are not deductible for AMT purposes.

2.What are the two tax rates which are used to calculate AMT, ignoring the special treatment of dividends and capital gains?

Part Two: Retirement Plans

1.What are the two types of IRAs?

2.Please list 5 examples of the early withdrawal penalty for an IRA.

3.What is a SIMPLE IRA? If you are over 50 years old, what is the maximum salary reduction for a SIMPLE IRA?

4.What is a 401k plan? What is the maximum limit you can contribute in a year?

Part Three: Depreciation

1.List 3 methods of depreciation that is accepted by the IRS.

2.What are the different classes for MACRS depreciation?

3.What is Listed Property?

4.What is the Mid-Month Convention?