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Q3: Which of the following are tax preference items for purposesof computing the individual AMT?a. Net long-term capital gainb. Excess depreciation for real property placed in servicebefore 1987c. Straight-line depreciation on residential real estateacquired in 1992d. Appreciated portion of the value of capital gain realproperty contributed to charityQ4:Which of the following are individual AMT adjustments?a. Itemized deductions that are allowed for regular tax purposesbut not allowed in computing AMTI.b. Excess of MACRS depreciation over depreciation computed underthe alternative depreciation system for real property placed inservice after 1986 and before 19C. Excess of MACRS depreciation over depreciation computed underthe alternative depreciation system for personal property placed inser-vice after 1986.d. Tax-exempt interest earned on State of Michigan bonds.Q17: What types of business property qualify for the businessenergy credit?Q24: The adoption credit is intended to assist taxpayers withthe financial burden of adopting children. a. Discuss how thecredit is computed. b. Why did Congress impose a phase-out of thecredit for taxpayers based on AGIQ26: Why are most elderly people unable to qualify for the taxcredit for the elderly?Q31: Although Virginia is entitled to five personal anddependency exemptions on her income tax re-turn, she claims onlyone withholding allowance on Form Wa. Is it permissible to claim fewer allowances than anindividual is entitled to?b. Why would an individual claim fewer allowances?c. Is it possible for Virginia to claim more than fivewithholding allowances