A Taxpayer Who Paid AMT in Prior Years,but Is Not

question 52

True/False

A taxpayer who paid AMT in prior years,but is not subject to the AMT in the current year,may be entitled to an AMT credit against his regular tax liability in the current year.

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Definitions:

Venae Cavae

The two large veins (superior and inferior) that return deoxygenated blood from the body to the heart.

Right Atrium

The upper right section of the heart, responsible for taking in blood lacking oxygen from the body and moving it to the right lower chamber.

Left Ventricle

The chamber of the heart that pumps oxygenated blood through the aorta to the rest of the body.

Pulmonary Trunk

A major blood vessel that carries blood from the right ventricle of the heart to the lungs for oxygenation.