Posted: July 16th, 2021
1. Question : (TCO 4) Several years ago, Floyd purchased a structure for $150,000 that was originally placed in service in 1929. In the current year, he incurred qualifying rehabilitation expenditures of $200,000. The amount of the tax credit for rehabilitation expenditures, and the amount by which the building’s basis for cost recovery would increase as a result of the rehabilitation expenditures, are the following amounts:
2. Question : (TCO 4) Which, if any, of the following correctly describes the research activities credit?
3. Question : (TCO 4) During the year, Purple Corporation (a U.S. corporation) has U.S.-source income of $900,000 and foreign income of $300,000. The foreign-source income generates foreign income taxes of $100,000. The U.S. income tax before the foreign tax credit is $408,000. Purple Corporation’s foreign tax credit is:
4. Question : (TCO 4) Which of the following issues does not need resolution in an employer’s effort to comply with employment tax payment requirements?
5. Question : (TCO 4) Which of the following correctly reflects current rules regarding estimated tax payments for individuals?
6. Question : (TCO 5) Prior to the effect of tax credits, Eunice’s regular income tax liability is $200,000 and her tentative AMT is $190,000. Eunice has general business credits available of $12,500. Calculate Eunice’s tax liability after tax credits.
7. Question : (TCO 5) A factor(s) that can cause the adjusted basis for AMT purposes to be different from the adjusted basis for regular income tax purposes includes the following:
8. Question : (TCO 5) Which of the following are permitted deductions for purposes of the AMT for an individual taxpayer?
9. Question : (TCO 4) Refundable tax credits include:
10. Question : (TCO 4) The maximum amount of the disabled access credit is:
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