Q3: Which of the following are tax preference items for purposes of computing the individual AMT?

a. Net long-term capital gain

b. Excess depreciation for real property placed in service before 1987

c. Straight-line depreciation on residential real estate acquired in 1992

d. Appreciated portion of the value of capital gain real property contributed to charity

Q4:Which of the following are individual AMT adjustments?

a. Itemized deductions that are allowed for regular tax purposes but not allowed in computing AMTI.

b. Excess of MACRS depreciation over depreciation computed under the alternative depreciation system for real property placed in service after 1986 and before 19

C. Excess of MACRS depreciation over depreciation computed under the alternative depreciation system for personal property placed in ser-vice after 1986.

d. Tax-exempt interest earned on State of Michigan bonds.

Q17: What types of business property qualify for the business energy credit?

Q24: The adoption credit is intended to assist taxpayers with the financial burden of adopting children. a. Discuss how the credit is computed. b. Why did Congress impose a phase-out of the credit for taxpayers based on AGI

Q26: Why are most elderly people unable to qualify for the tax credit for the elderly?

Q31: Although Virginia is entitled to five personal and dependency exemptions on her income tax re-turn, she claims only one withholding allowance on Form W

a. Is it permissible to claim fewer allowances than an individual is entitled to?

b. Why would an individual claim fewer allowances?

c. Is it possible for Virginia to claim more than five withholding allowances