In 2015 Charlton and Cindy Have Alternative Minimum Taxable Income

question 103

Multiple Choice

In 2015 Charlton and Cindy have alternative minimum taxable income of $130,000 and file a joint return.For purposes of computing the alternative minimum tax,their exemption is

• A)$0.
• B)$8,000.
• C)$53,600.
• D)$83,400.

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Definitions:

Minor

An individual under the legal age of adulthood, usually under 18, with certain restrictions on their legal rights and responsibilities.

Exculpatory Clauses

Provisions in a contract that release one party from liability for wrongful acts or negligence.

Illegal

Activities or actions that are forbidden by law and subject to penalties.

Parents

Individuals who have a biological or legal responsibility for raising and caring for a child.