Final Exam > Results Page
final exam score:
final exam status:
90%
Question 1
Correct
For 2013, the AMT exemption amount for a single taxpayer is:
$35,475
$47,950
(You Answered) (Correct Answer) $51,900
$33,750
Question 2
Correct
The AMT is figured on which form?
Form 1040
Form 4562
(You Answered) (Correct Answer) Form 6251
Form 8801
Question 3
Correct
The top tax rate for AMT in 2013 is:
26 percent
(You Answered) (Correct Answer) 28 percent
35 percent
24 percent
Question 4
Correct
Taxpayers with medical expenses can avoid an AMT adjustment for those expenses by doing all of the following except:
(You Answered) (Correct Answer) Deducting those expenses on Schedule A
Using a flexible spending arrangement
Using a health savings account
Using a health reimbursement arrangement
Question 5
Incorrect
Which of the following statements is correct?
(Correct Answer) Interest on private activity bonds is a tax preference item.
(You Answered) For incentive stock options, the stock price is an adjustment to AMTI.
An individual can opt to claim the standard deduction for regular tax purposes and itemize for the AMT.
State and local taxes are deductible to reduce AMTI.
Question 6
Correct
The foreign tax credit may be used to offset how much of AMT liability in 2013?
0 percent
90 percent
(You Answered) (Correct Answer) 100 percent
75 percent
Question 7
Correct
The minimum tax credit can be claimed for:
(You Answered) (Correct Answer) Deferral items only
Exclusion items only
Both exclusion and deferral items
Refundable credit items
Question 8
Correct
When stock values decline, a taxpayer may be in a position of having to pay AMT:
(You Answered) (Correct Answer) On a paper gain he or she will never actually realize
At a greatly reduced rate
At an amount much lower than the regular tax
If he or she has no credits against the AMT
Question 9
Correct
For AMT purposes, interest incurred in connection with a home is not deductible when:
Interest is paid on a loan used to buy a principal residence or a second residence.
(You Answered) (Correct Answer) Interest is paid on a home equity loan that was used to buy a personal automobile.
Interest is paid on a home equity loan used to substantially improve the home.
Interest is paid on a home mortgage loan to build a principal residence.
Question 10
Correct
Which of the following best describes the calculation of the alternative minimum tax liability?
(You Answered) (Correct Answer) Tentative minimum tax in excess of the regular income tax liability
Tentative minimum tax in excess of the alternative minimum tax credit
Tentative minimum tax in excess of the AMT exemption
Regular income tax reduced by the AMT exemption