AMT

Question 0

Tax preference items

Answer 0

PPP (+ AMTI)

Private activity bond int inc
Percentage depletion the excess over adj basis of prop
Pre-1987 Accel dep

Question 1

AMT adjustments

Answer 1

PANIC (+/- AMTI) TIMME (+ AMTI)
PAL
Accel dep
NOL of ind taxpayer
Installment inc of dealer
Contracts

Tax "ded"
Int ded on some home equity loans
Medical ded
Misc ded not allowed
Exemptions (personal & std)

Question 2

Permitted AMT credits

Answer 2

FACCE

Foreign tax credit
Adoption credit
Child tax credit
Contrib to retirement plans credit
Earned inc credit