Question

46. Jose, a single taxpayer, has the following tax information for the current year.

•   Charitable contribution of real property with a FMV of $30,000 (adjusted basis $20,000) for which a $30,000 deduction was taken for regular tax.

•   Research and experimental expenses of $50,000 deducted in full for regular tax.

Jose’s total tax preferences and adjustments equals

A) $5,000.

B) $35,000.

C) $41,000.

D) $45,000.

48. Which of the following statements is incorrect regarding qualifying criteria for the health insurance premium tax credit?

A) Household income must be below designated levels.

B) The taxpayer cannot have access to affordable essential coverage through an employer.

C) The insurance policy must be purchased directly from an insurance company.

D) The individual may not be eligible as a dependent of another taxpayer.

Answer 1

Answer:

46. Option (B) is correct.

Explanation:

According to the given question by considering the above values contribution of real property with the general business deduct may not accessed the net income tax means the great of the maximum tax experimental expense of 50,000 deduct in full regular tax.

48.

The correct option is C) The insurance policy must be purchased directly from an insurance company.