Form 6251,Alternative Minimum Tax,must Be Filed in Any of the Following

question 82

Multiple Choice

Form 6251,Alternative Minimum Tax,must be filed in any of the following situations except

• A)the taxpayer has general business tax credits that are limited by the tentative minimum tax.
• B)the AMT base exceeds the exemption amounts and an individual has AMT adjustments or tax preference items.
• C)the tentative minimum tax exceeds the regular tax.
• D)the earned income tax credit exceeds the tentative minimum tax.

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Definitions:

Accounts Payable

Short-term liabilities representing amounts owed to suppliers or creditors for goods and services received.

Non-Interest-Bearing Note

A promissory note with no interest charged on the principal; repaid at its face value at maturity.

Discount on Note Payable

The difference between the face value of a note payable and its issue price when the note is sold for less than its face value, effectively acting as an interest expense over time.

Interest Expense

Money that an entity has to pay over time for the privilege of borrowing funds.