Capital Gains and AMT

Question 1

which of the following is included when determining if a gain qualifies as long term or short term gain?

1. day of acquisition
2. day of disposition

Answer 1

2 only

Question 2

if there are short term and long term losses only which gets used up first?

Answer 2

short term

Question 3

excess net capital losses may be carried over to future tax years for ___ years

Answer 3

indefinite

Question 4

$____ capital loss may be claimed on a MFJ or single filer tax return

Answer 4

$3,000

Question 5

$____ capital loss may be claimed on a MFS tax return

Answer 5

$1,500

Question 6

how to calculate AMT

Answer 6

Regular taxable income plus
positive AMT adjustments minus
negative AMT adjustments plus
tax preferences =
AMTI

AMTI minus
AMT exemption =
Minimum tax base times
AMT Rate =
Tentative AMT minus
Regular income tax on taxable income =
AMT

Question 7

personal and dependency exemptions are ____ for AMT purposes

Answer 7

disallowed

Question 8

state income taxes and property taxes are ___ for AMT purposes

Answer 8

disallowed

Question 9

miscellaneous itemized deductions are ___ for AMT

Answer 9

disallowed

Question 10

medical expenses in excess of 10% of AGI are ____ for AMT

Answer 10

allowed

Question 11

true or false?

state income tax refund is included in income for AMT purposes

Answer 11

false

Question 12

the standard deduction is ___ for AMT purposes

Answer 12

disallowed