In computing its 2015 alternative minimum tax, a corporation must include as an adjustment
a. The dividend received deduction.
b. The difference between regular tax depreciation and straight-line depreciation over forty years for real property placed in service in 1998.
c. Charitable contributions.
d. Interest expense on investment property.
Answer: B
Tax
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- Mr. and Mrs. Alvin Charak took a foster child, Robert, into their home in 2015. A state welfare agency paid the Charaks $3,900 during the year for related expenses. Actual expenses incurred by the Charaks during 2015 in caring for Robert amounted to $3,000. The remaining $900 was spent by the Charaks in 2015 towards their own personal expenses. How much of the foster child payments is taxable income to the Charaks in 2015?
- Income in respect of a cash-basis decedent
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