Homework Answers
Part 8
Answer is option D
D. AMT for corporation has been repealed
Part 9
Answer is option B
B. $47500
(35000*50%)+(60000*50%) = 47500
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Mark for follow up Question 8 of 75. 83536 The alternative minimum tax (AMT) for corporations...
Question 9 of 75. Dawson, Inc., had regular tax due of $35,000 for the tax year...
Question 9 of 75. Dawson, Inc., had regular tax due of $35,000 for the tax year ending December 31, 2018. It also had 560,000 of AMT credit carried forward from prior years and available in 2018. What is the amount of the AMT credit that can be claimed in 2018? O $35,000 O $47.500 O $60,000 $65,000 Mark for follow up Dione is a general partner who owns 50% interest in Love First Enterprises. Sammy is a limited partner who...
Verisimtitude, Inc had regular tax due of $35,000 for 2018. It also had $60,000 of AMT...
Verisimtitude, Inc had regular tax due of $35,000 for 2018. It also had $60,000 of AMT credit carried forward from prior years and available in 2018 .What is the amount of its AMT credit that can be claimed in 2018? a. $35,000 b $47,500 c. $60,000 d. $ 65,000
OMark for follow up Question 66 of 75. The NOL year is: O The year in...
OMark for follow up Question 66 of 75. The NOL year is: O The year in which the NOL is used up. O The year to which the NOL is carried. O The year in which the NOL occurred. O The tirst carryback year. Mark for follor up Question 67 of 75. How is an alternative tax net operating loss deduction (ATNOLD) d O By using regular taxable income. By using regular taxable income reduced by AMT income. By using...
Dawson Inc. had regular tax due of 35.000 for the tax year ending Decembel 31 2018....
Dawson Inc. had regular tax due of 35.000 for the tax year ending Decembel 31 2018. it also had 60.000 of AMT. credit carried forward from prior years and available in 2018. what is the amount of the AMT credit that can be claimed in 2018
Mark for follow up Question 48 of 75 Logan's modified adjusted gross income is $220,000. He...
Mark for follow up Question 48 of 75 Logan's modified adjusted gross income is $220,000. He is single. His net investment income is $35,000. What is his net investment income tax? O so O S760 o $1,330 O $2,090 □Mark for follow up Question 49 of 75 When calculating the net investment income tax, which of the following income items are NOT included in net investment income? Education Counci τax preparer Tax ered ar z2019 Mark for follow up Question...
Justin case Mark for follow up Question 30 of 75, Which of these is NOT a...
Justin case
Mark for follow up Question 30 of 75, Which of these is NOT a potential trigger for calculating the Additional Child Tax Credi O The taxpayer's modified adjusted gross income exceeds$ O The taxpayer has a balance due on their return. O The taxpayer has three or more qualifying children. Due to tax liability limits, the taxpayer did not receive the maximum Child Tax Credit for which they were eigt、 □ Mark for follow up
J0 short-term loss. Mark for follow up Question 29 of 75. In 2017, Glen received a...
J0 short-term loss. Mark for follow up Question 29 of 75. In 2017, Glen received a gift of 200 shares of common stock. The stock was worth $8,000 when he received it. The donor had originally paid $10,000 for the stock when he bought it in 2015. If Glen sells the stock for $12,000 in 2018, what is his capital gain? $0 $2,000 $4,000 $12,000 OMark for follow up Question 30 of 75. Seth owns 150 shares of stock with...
O $12.000 O $48.000 O $60,000 Mark for follow up Question 2 of 75. All income...
O $12.000 O $48.000 O $60,000 Mark for follow up Question 2 of 75. All income from a canceled debt may be excluded from income if the taxpayer O Received a Form 1099-C with $18.400 in box 2 and 516,700 in box 7 and they were insolvent by $2,900. Had a debt of $5,400 canceled, and prior to the debt, they were insolvent by $2.750. Had $12,500 of debt canceled, and prior to the cancellation, they were insolvent by $13,000....
Mark for follow up Question 21 of 75. Which of the following items are NOT listed property? OAirplane, bus, Lyft...
Mark for follow up Question 21 of 75. Which of the following items are NOT listed property? OAirplane, bus, Lyft vehicle mataorcycle, taxi, tran Uber vehicle Computer used exclusively in a regular place of business that was placed in service on July 27, 2018. Photographic, phonographic, communication and video recording equipment Computer used exclusively in a regular place of business that was placed in service on January 12, 2017 Mark for follow up S5,000 Mark for follow up Question 21...
Schedule J. O Schedule C. Schedule B. Mark for follow up Question 2 of 50. Which...
Schedule J. O Schedule C. Schedule B. Mark for follow up Question 2 of 50. Which of the following statements regarding C corporations is false? C corporations are generally not subject to corporate income tax. O c corporations are entities that are separate from their owners for tax purposes. O Shareholders of a C corporation have limited liability. Shareholders of a C corporation are taxed only when the corporation distributes earnings Mark for follow up Question 3 of 50. The...
Question 9 of 75. Dawson, Inc., had regular tax due of $35,000 for the tax year ending December 31, 2018. It also had 560,000 of AMT credit carried forward from prior years and available in 2018. What is the amount of the AMT credit that can be claimed in 2018? O $35,000 O $47.500 O $60,000 $65,000 Mark for follow up Dione is a general partner who owns 50% interest in Love First Enterprises. Sammy is a limited partner who...
OMark for follow up Question 66 of 75. The NOL year is: O The year in which the NOL is used up. O The year to which the NOL is carried. O The year in which the NOL occurred. O The tirst carryback year. Mark for follor up Question 67 of 75. How is an alternative tax net operating loss deduction (ATNOLD) d O By using regular taxable income. By using regular taxable income reduced by AMT income. By using...
Mark for follow up Question 48 of 75 Logan's modified adjusted gross income is $220,000. He is single. His net investment income is $35,000. What is his net investment income tax? O so O S760 o $1,330 O $2,090 □Mark for follow up Question 49 of 75 When calculating the net investment income tax, which of the following income items are NOT included in net investment income? Education Counci τax preparer Tax ered ar z2019 Mark for follow up Question...
Justin case
Mark for follow up Question 30 of 75, Which of these is NOT a potential trigger for calculating the Additional Child Tax Credi O The taxpayer's modified adjusted gross income exceeds$ O The taxpayer has a balance due on their return. O The taxpayer has three or more qualifying children. Due to tax liability limits, the taxpayer did not receive the maximum Child Tax Credit for which they were eigt、 □ Mark for follow up
J0 short-term loss. Mark for follow up Question 29 of 75. In 2017, Glen received a gift of 200 shares of common stock. The stock was worth $8,000 when he received it. The donor had originally paid $10,000 for the stock when he bought it in 2015. If Glen sells the stock for $12,000 in 2018, what is his capital gain? $0 $2,000 $4,000 $12,000 OMark for follow up Question 30 of 75. Seth owns 150 shares of stock with...
O $12.000 O $48.000 O $60,000 Mark for follow up Question 2 of 75. All income from a canceled debt may be excluded from income if the taxpayer O Received a Form 1099-C with $18.400 in box 2 and 516,700 in box 7 and they were insolvent by $2,900. Had a debt of $5,400 canceled, and prior to the debt, they were insolvent by $2.750. Had $12,500 of debt canceled, and prior to the cancellation, they were insolvent by $13,000....
Mark for follow up Question 21 of 75. Which of the following items are NOT listed property? OAirplane, bus, Lyft vehicle mataorcycle, taxi, tran Uber vehicle Computer used exclusively in a regular place of business that was placed in service on July 27, 2018. Photographic, phonographic, communication and video recording equipment Computer used exclusively in a regular place of business that was placed in service on January 12, 2017 Mark for follow up S5,000 Mark for follow up Question 21...
Schedule J. O Schedule C. Schedule B. Mark for follow up Question 2 of 50. Which of the following statements regarding C corporations is false? C corporations are generally not subject to corporate income tax. O c corporations are entities that are separate from their owners for tax purposes. O Shareholders of a C corporation have limited liability. Shareholders of a C corporation are taxed only when the corporation distributes earnings Mark for follow up Question 3 of 50. The...
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