1. Ben’s adjusted gross income for 2013 was $175,000. His final itemized deduction consisted of the following interest deductions: Acquisition Indebtedness: $50,000; Equity Indebtedness: $5,000. How much of these deductions must be added back in determining his alternative minimum taxable income?
$45,000
$5,000
$50,000
$55,000
2. Mr. and Mrs. Kroger gave their church $500,000 in a year when their AGI was $200,000; they made no other contributions. What is their charitable contribution deduction for that year?
$400,000
$200,000
$500,000
$100,000