Which of the following is not a preference item, or adjustment, for purposes of the individual alternative minimum tax?  

On October 15 of last year, Erin purchased stock in Happy Irish Ale Corporation for $2,000. The stock is not small business stock. On June 15 of the current year, the stock became worthless. How should Erin treat the loss this year on her tax return?

Arrange the following statutes of limitation from longest to shortest.  1. Fraud. 2. Collection of deficiency by IRS. 3. Substantial Understatement of Income greater than 25%. 4. General Statute of Limitations under Section 6501.

A business activity is presumed to be “engaged in for profit” if it produces a profit for what number of tax years out of the five consecutive years ending with the current year (other than horse related activities)?

Travis owns rental property and is an active participant in the management & upkeep of the property.  Unfortunately the property suffered a loss of $24,000.   If Randy’s AGI is $160,000 for the current  year, what is his  available loss against ordinary income assuming he has the required amount at risk?

Arnold Henry operates a sole proprietorship from his home and he satisfies the requirements to claim a home office expense deduction. His business gross income from the current year totals $22,000. Direct business expenses not associated with his home office total $20,500. Allocated expenses associated with the home office total $2,750. Arnold paid off his mortgage last year, and did not pay any property taxes during the year. Which of the following statements is true about the expenses associated with the home office?

For income tax purposes income and gross income are the same thing

In 2023, George (a single taxpayer) has AMTI of $180,000.  What is George’s AMT exemption this year?

Blake bought a home last year and is considering selling it.  Under which of the following circumstances would Blake not qualify for an exclusion?

Henry is granted an incentive stock option (ISO) on January 10, 2014, with an exercise price is $10.  On January 11, 2023. Henry exercises the option for $33 share.  What is the effect on alternative minimum taxable income when Henry exercises the ISO?