Proceeds of sale of real property classified as principal residence and capital asset are exempt from the 6% capital gains tax of used to build or buy a new principal residence within 18 months from the date of sale or disposition. Gain from sale of real property classified as capital asset to the Government may be taxed under Sec. 24A or capital gains tax at the option of the individual taxpayer. False, True False, False True, False True, True

Proceeds of sale of real property classified as principal residence and capital asset are exempt from the 6% capital gains tax of used to build or buy a new principal residence within 18 months from the date of sale or disposition. Gain from sale of real property classified as capital asset to the Government may be taxed under Sec. 24A or capital gains tax at the option of the individual taxpayer. False, True False, False True, False True, True

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter12: Alternative Minimum Tax

Section: Chapter Questions

Problem 3CPA: Carol reports taxable income of 48,000. Included in that calculation are the following items. Carol...

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Carol reports taxable income of 48,000. Included in that calculation are the following items. Carol also had excluded municipal bond interest income of 8,000, 3,000 of which was deemed to be private activity bond interest. What are Carols total alternative minimum tax (AMT) adjustments? a. 1,200 b. 2,000 c. 3,000 d. 6,750