Which of the Following Items Is Not Added Back to Regular

question 137

Multiple Choice

Which of the following items is not added back to regular taxable income in computing alternative minimum taxable income?

• A) Home mortgage interest expense.
• B) Real property taxes.
• C) Tax exempt interest from a private activity bond issued in 2007.
• D) Miscellaneous itemized deductions in excess of the 2% floor.

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Definitions:

Promissory Estoppel

A legal principle that prevents a person from going back on a promise even when a legal contract does not exist.

Unilateral Contract

An agreement in which one party makes a promise in exchange for an act performed by another party.

Consideration

In contract law, a crucial element that refers to something of value promised to another when making a contract.

Liquidated Debt

Debt for which there is no dispute between the parties about the fact that money is owed and the amount of money owed.