A Taxpayer's Tentative Minimum Tax Exceeds His Net Income Tax

question 76

True/False

A taxpayer's tentative minimum tax exceeds his net income tax so he will be paying the alternative minimum tax this year.The taxpayer has a sole proprietorship through which he has earned general business credits.The taxpayer can reduce his AMT to the extent of his general business credits.

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Definitions:

Methanol

A simple alcohol with the formula CH3OH, used as a solvent, antifreeze, fuel, and as a feedstock in chemical synthesis.

IUPAC Name

The systematic naming of chemical compounds according to the rules set by the International Union of Pure and Applied Chemistry.

Orbital

A region around the nucleus of an atom where there is a high probability of finding an electron.

Lone Pair Electrons

Pairs of valence electrons that are not shared with another atom and are localized on a single atom in a molecule.