7090917-Solutions - CHAPTER 14 ALTERNATIVE MINIMUM TAX...

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CHAPTER 14 ALTERNATIVE MINIMUM TAX SOLUTIONS TO PROBLEMS MATERIALS Status: Q/P Question/ Present in Prior Problem Topic Edition Edition 1 AMT purpose Unchanged 1 2 AMTI: direct versus indirect calculation approach Unchanged 2 3 AMT adjustments Unchanged 3 4 Tax preferences Modified 4 5 Tax preferences Unchanged 5 6 AMT formula Unchanged 6 7 Regular income tax liability versus AMT Unchanged 7 8 AMT exemption amount Unchanged 8 9 AMT rates Unchanged 9 10 AMT and nonrefundable tax credits Unchanged 10 11 AMT adjustment for cost recovery on realty Unchanged 11 12 AMT adjustment for mining exploration and development costs Unchanged 12 13 Issue ID Unchanged 13 14 Long-term contract income adjustment New 15 Incentive stock options adjustment New 16 Regular income tax adjusted basis versus AMT adjusted basis Unchanged 16 17 Issue ID Modified 17 18 Passive activity losses AMT adjustment Unchanged 18 19 ATNOLD Unchanged 19 20 AMT and itemized deductions Unchanged 20 21 Issue ID Unchanged 21 22 AMT cutback adjustment Unchanged 22 23 AMT and interest Unchanged 23 24 AMT and personal and dependency exemptions Unchanged 24 25 Percentage depletion preference New 26 Private activity bond preference Unchanged 26 14-1
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14-2 2004 Comprehensive Volume/Solutions Manual Status: Q/P Question/ Present in Prior Problem Topic Edition Edition 27 Purpose of AMT credit Unchanged 27 28 Corporate versus noncorporate AMT New 29 Effect of ACE adjustment on financial and tax accounting Unchanged 29 30 AMT planning on recognition of income Unchanged 30 * 31 AMT base Unchanged 31 * 32 AMT calculation Unchanged 32 * 33 AMT calculation Unchanged 33 * 34 AMT exemption amount Modified 34 * 35 AMT and nonrefundable credits Unchanged 35 36 AMT adjustments: circulation expenditures Modified 36 * 37 Adjustments for circulation expenditures Unchanged 37 38 Cost recovery adjustment for AMT: realty Modified 38 39 Cost recovery adjustment for AMT: personalty Unchanged 39 40 Mining and exploration costs adjustment Unchanged 40 * 41 AMT adjustment for long-term contract New * 42 Incentive stock option adjustment Unchanged 42 43 Adjustments for incentive stock options New * 44 AMT adjustments: adjusted gain or loss Unchanged 44 45 Computing AMT passive loss Unchanged 45 46 Itemized deductions adjustment for AMT and medical expenses Modified 46 * 47 AMT adjustments for itemized deductions Unchanged 47 * 48 Mortgage interest adjustment for AMT Unchanged 48 49 Adjustment for investment interest and private activity bond preference Unchanged 49 * 50 Itemized deductions adjustment for AMT New 51 AMT standard deduction and personal exemption adjustments New 52 AMT percentage depletion preference New * 53 AMT IDC preference Unchanged 53 54 Tax preference items and AMT adjustments including private activity bonds Unchanged 54 * 55 Comprehensive AMT calculation New * 56 AMT calculation Unchanged 56 * 57 Computation of taxable income and AMT Unchanged 57 * 58 Computation of taxable income and AMT New * 59 AMT tax credit carryover Unchanged 59 * 60 Exemption from corporate AMT for small corporations Modified 60 * 61 ACE adjustment Unchanged 61 * 62
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