reg review a 332021

  1. Interest to a holder of a debt obligation incurred by a state or local governmental entity is generally------------------------------------------------------
    Interest to a holder of a debt obligation incurred by a state or local governmental entity is generally exempt from federal income tax.
  2. ---------------------------------------- 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 providing special financing benefits for qualified projects.
  3. Private activity bonds (PAB) are tax-exempt bonds issued by or on behalf of a local or state government for the purpose of -----------------------------------------------------------
    Private activity bonds (PAB) 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.
  4. -------------- allow governments to borrow on behalf of private companies, acting as an alternative to corporate bonds.
    PABs allow governments to borrow on behalf of private companies, acting as an alternative to corporate bonds.
  5. 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 tentative minimum tax exceeds the taxpayer’s regular tax liability.
  6. The alternative minimum tax (AMT) is applied only if the ---------------------------------------- exceeds the taxpayer’s regular tax liability.
    The alternative minimum tax (AMT) is applied only if the tentative minimum tax exceeds the taxpayer’s regular tax liability.
  7. Individuals use Form -------- to calculate AMT.
    Individuals use Form 6251 to calculate AMT.
  8. 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:

    -------------------------------------------

    --------------------------------------------
    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:

    State, local, and foreign income taxes

    Real and personal property taxes
  9. 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.
    An installment sale 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.
  10. The ------------------------------ must be used to report installment sales unless election is made not to apply the method.
    The installment method must be used to report installment sales unless election is made not to apply the method.
Author
Joens1313
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354751
Card Set
reg review a 332021
Description
reg review a 332021
Updated