Question 1

The exemption amount is phased out entirely when AMTI reaches:

Accepted Answer

A) $40,000. 
B) $310,000. 
C) $1,000,000. 
D) $5,000,000. 
E) Some other amount. 
A) $40,000. 
B) $310,000. 
C) $1,000,000. 
D) $5,000,000. 
E) Some other amount.

Question 2

In each of the following independent situations, determine the DPAD for 2016 for the corporation involved. $\begin{array}{llccc}
&\text { Taxpayer } & \text { QPAI } & \text { TI } & \text { W-2 wages }\
\text { a. } & \text { Siskin } & \$ 400,000 & \$ 500,000 & \$ 30,000 \
\text { b. } & \text { Ibis } & 800,000 & 700,000 & 130,000 \
\text { c. } & \text { Scamp } & 700,000 & 900,000 & 200,000 \
\text { d. } & \text { Pipits } & 900,000 & 900,000^{*} & 280,000 \
\text { e. } & \text { Puffin } & 900,000 & 900,000 & 200,000^{* *}
\end{array}$

*Does not include a $\$ 120,000$ NOL carryover from the prior year.

** Only $\$ 60,000$ relates directly to manufacturing activities.

Accepted Answer

a.$15,000. The W-2 limitation of $15,000

Question 3

Long-term capital gains are taxed under the AET and PHC taxes.

Accepted Answer

A) True 
 B)False

Question 4

With respect to the AMT, what is the minimum tax credit?

Accepted Answer

The AMT is a separate tax system that is

Question 5

Which statement is false?

Accepted Answer

A) The starting point for computing AMTI is taxable income. 
B) A tax preference is added to taxable income. 
C) The ACE adjustment can be a negative amount. 
D) The starting point for computing ACE is taxable income. 
E) None of the above. 
A) The starting point for computing AMTI is taxable income. 
B) A tax preference is added to taxable income. 
C) The ACE adjustment can be a negative amount. 
D) The starting point for computing ACE is taxable income. 
E) None of the above.

The exemption amount is phased out entirely when AMTI reaches:

Long-term capital gains are taxed under the AET and PHC taxes.

With respect to the AMT, what is the minimum tax credit?

Which statement is false?

Understanding and Working With the Federal Tax Law

Corporations Introduction and Operating Rules

Corporations Organization and Capital Structure

Corporations Earnings Profits and Dividend Distributions

Corporations Redemptions and Liquidations

Corporations Reorganizations

Consolidated Tax Returns

Taxation of International Transactions

Partnerships Formation Operation and Basis

Partnerships Distributions Transfer of Interests and Terminations

S Corporations

Comparative Forms of Doing Business

Taxes on the Financial Statements

Exempt Entities

Multi-State Corporate Taxations

Tax Practice and Ethics

The Federal Gift and Estate Taxes

Family Tax Planning

Income Taxation of Trusts and Estates

Filters

Exam 3: Corporations Special Situations

The exemption amount is phased out entirely when AMTI reaches:

Long-term capital gains are taxed under the AET and PHC taxes.

With respect to the AMT, what is the minimum tax credit?

Which statement is false?

Understanding and Working With the Federal Tax Law

Corporations Introduction and Operating Rules

Corporations Organization and Capital Structure

Corporations Earnings Profits and Dividend Distributions

Corporations Redemptions and Liquidations

Corporations Reorganizations

Consolidated Tax Returns

Taxation of International Transactions

Partnerships Formation Operation and Basis

Partnerships Distributions Transfer of Interests and Terminations

S Corporations

Comparative Forms of Doing Business

Taxes on the Financial Statements

Exempt Entities

Multi-State Corporate Taxations

Tax Practice and Ethics

The Federal Gift and Estate Taxes

Family Tax Planning

Income Taxation of Trusts and Estates

Filters