Question 1
A taxpayer at risk for AMT should consider which of the following decisions?
◦ investing in corporate bonds
◦ timing of state income tax estimated payments
◦ choosing a depreciation method for a new business building
◦ All of these
Question 2
An individual taxpayer who is self-employed and an active investor has qualified for foreign tax credits, nonrefundable personal tax credits and general business credits. Because he knows there are differing limitations on the application of these credits, with resulting interrelated aspects, he wants to know the appropriate order for their application. The appropriate order of the application of these three classes of tax credits is as follow:
◦ (1) foreign tax credits; (2) general business credits ; (3) nonrefundable personal tax credits.
◦ (1) general business credits; (2) foreign tax credits ; (3) nonrefundable personal tax credits.
◦ (1) foreign tax credits; (2) nonrefundable personal tax credits; (3) general business credits.
◦ (1) nonrefundable personal tax credits; (2) foreign tax credits; (3) general business credits.
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