The Small C Corporation Exemption from AMT Continues as Long

question 87

Multiple Choice

The Small C corporation exemption from AMT continues as long as average gross receipts for the three preceding tax years are

• A)$6.5 million or less.
• B)$7.0 million or less.
• C)$7.5 million or less.
• D)$8.0 million or less.

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Definitions:

Parallelism

The extent to which the friction surface of a brake disc varies in thickness. Slight variations in rotor thickness result in brake pedal pulsation as the pads must move in and out to compensate. Also called taper or thickness variation.

Runout

The degree of wobble or deviation from true circular rotation often related to rotors or wheels.

Rotor Parallelism

The degree to which both sides of a brake rotor are equidistant to each other, essential for smooth braking.

Micrometer

A precision measuring instrument used to measure very small distances, thicknesses, or diameters with high accuracy.