Identify Which of the Following Statements Is False

question 53

Multiple Choice

Identify which of the following statements is false.

• A)The alternative minimum tax is the excess of the tentative minimum tax amount over the regular tax amount.
• B)All corporations with gross receipts of less than $10 million are exempt from the AMT.
• C)If the firm does not qualify for Small C corporation status,the C corporation statutory exemption amount for alternative minimum tax purposes is phased out when alternative minimum taxable income reaches $310,000.
• D)The purpose of the AMT is to ensure that every taxpayer with substantial economic income pays a minimum tax.

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Definitions:

Copper

A reddish-brown, ductile, malleable metallic element that is an excellent conductor of heat and electricity and is widely used in electrical wiring and coinage.

Concrete

A composite building material composed of fine and coarse aggregates bonded together with a fluid cement that hardens over time, used extensively in construction.

Heat Produced

The amount of energy released or absorbed as heat during a chemical or physical transformation.