reg review a 332021

Interest to a holder of a debt obligation incurred by a state or local governmental entity is generally------------------------------------------------------

---------------------------------------- are tax-exempt bonds issued by or on behalf of a local or state government for the purpose of providing special financing benefits for qualified projects.

Private activity bonds (PAB) are tax-exempt bonds issued by or on behalf of a local or state government for the purpose of -----------------------------------------------------------

-------------- allow governments to borrow on behalf of private companies, acting as an alternative to corporate bonds.

The alternative minimum tax (AMT) is applied only if the tentative minimum tax exceeds the taxpayer’s------------------------------------------

The alternative minimum tax (AMT) is applied only if the ---------------------------------------- exceeds the taxpayer’s regular tax liability.

Individuals use Form -------- to calculate AMT.

Only certain itemized deductions are allowed in calculating the AMT. The following are not allowed and must be added back for AMT if deducted for regular tax:

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An ----------------------------------is a disposition of property in which at least one payment is to be received after the close of the tax year of the disposition.

The ------------------------------ must be used to report installment sales unless election is made not to apply the method.