Question $29$

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In computing AMTI, all of the following must be added back except

Select one:

a$.$

home mortgage interest $($on mortgage in effect since home was purchased$).$

b$.$

state income taxes.

c$.$

unreimbursed employee business expenses.

d$.$

property taxes on an individual's home.

Question $30$

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In computing AMTI, tax preference items are

Select one:

a$.$

excluded.

b$.$

added only.

c$.$

subtracted only.

d$.$

either added or subtracted.

Question $31$

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In computing the alternative minimum taxable income, no deduction is allowed for

Select one:

a$.$

alimony.

b$.$

moving expenses.

c$.$

personal exemptions.

d$.$

individual retirement account contributions.

Question $32$

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In order to be considered Sec. $1231$ property, all of the following livestock must be held for $12$ months or more from date of acquisition except

Select one:

a$.$

goats.

b$.$

hogs.

c$.$

sheep.

d$.$

cattle.

Question $33$

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Jaiyoun sells Sec. $1231$ property this year, resulting in a $$4,000$ gain. This is the first time he has disposed of any Sec. $1231$ property. Jaiyoun's tax rate is $10\%.$ His tax on the Sec. $1231$ gain will be

Select one:

a$.$

$$0.$

b$.$

$$400.$

c$.$

$$600.$

d$.$

$$1,120.$

Question $34$

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Jake and Christina are married and file a joint return for $2016$ with taxable income of $$100,000$ and tax preferences and adjustments of $$20,000$ for AMT purposes. Their regular tax liability is $$16,533.$ What is the amount of their total tax liability?

Select one:

a$.$

$$7,121$

b$.$

$$9,412$

c$.$

$$16,533$

d$.$

$$25,945$

Question $35$

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Joan earns $$110,000$ in her job as a physician's assistant. She also has her own business selling cosmetics$.$ This business generated $$10,000$ of earnings. What is Joan's self$-$employment tax for $2016?$

Select one:

a$.$

$$1,530$

b$.$

$$1,322$

c$.$

$$1,412$

d$.$

$$268$

Question $36$

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John has $$55,000$ net earnings from a sole proprietorship. John is also employed part$-$time by a major corporation and is paid $$25,000.$ John's self$-$employment tax for $2016$ is

Select one:

a$.$

$$3,886.$

b$.$

$$4,208.$

c$.$

$$7,771.$

d$.$

$$8,415.$

Question $37$

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Jorge has $$150,000$ net earnings from a sole proprietorship. Jorge's self$-$employment tax $($rounded$)$ for $2016$ is

Select one:

a$.$

$$18,711.$

b$.$

$$22,950.$

c$.$

$$21,194.$

d$.$

None of the above.

Question $38$

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Max and Alexandra are married and incur $$5,500$ of qualifying expenses to care for their two children, ages $2$ and $5.$ Max's earned income is $$35,000$ and Alexandra's earnings from a part$-$time job are $$5,000.$ What is the amount of the qualifying expenses for purposes of computing the child and dependent care credit?

Select one:

a$.$

$$3,000$

b$.$

$$5,000$

c$.$

$$5,500$

d$.$

$$6,000$