AICPA每日一练之REG【2016-2-1】

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When computing alternative minimum tax, the individual taxpayer may take a deduction for which of the following items?

a. Casualty losses.

b. State income taxes.

c. Personal and dependency exemptions.

d. Miscellaneous itemized deductions in excess of 2% of adjusted gross income floor.

Answer:A

Choice "a" is correct. Casualty losses are not added back in the alternative minimum tax (AMT) calculation. Therefore, they are allowed as a deduction.

Choice "b" is incorrect. State income taxes are added back in the AMT calculation. Therefore, they are not allowed as a deduction.

Choice "c" is incorrect. Personal and dependency exemptions are added back in the AMT calculation. Therefore, they are not allowed as a deduction.

Choice "d" is incorrect. Miscellaneous itemized deductions in excess of 2% of AGI are added back in the AMT calculation. Therefore, they are not allowed as a deduction.

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