Which of the Following Items Is Not Added Back to Regular

question 23

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.Interest expense on a home mortgage is deductible for AMT and so is not added back to regular taxable income.Home equity interest is added back if proceeds from the loan are not used to acquire or substantially improve the home.

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Definitions:

Organisational Objectives

Goals and targets set by an organization to direct activities and measure success.

Standing Plans

Pre-established policies, procedures, and rules designed to guide actions and decision-making in an organization's recurring situations.

Strategic Plans

A systematic process of envisioning a desired future, and translating this vision into broadly defined goals or objectives and a sequence of steps to achieve them.

Single-use Plans

Specific plans developed to achieve a particular goal that is not expected to recur, used for unique or non-routine situations.