A Taxpayer Who Expenses Circulation Expenditures in the Year Incurred

question 40

True/False

A taxpayer who expenses circulation expenditures in the year incurred for regular income tax purposes will incur a positive AMT adjustment in the following year.

---

Definitions:

Slaveholding

The practice or condition of owning slaves, historically seen in contexts where slavery was legally recognized.

Free States

Historically, states in the United States that were anti-slavery and did not permit slavery within their boundaries before the Civil War.

Large States

In the context of U.S. history, refers to states with larger populations that sought greater representation in Congress during the formation of the Constitution.

Small States

Countries or regions with relatively low population and/or land area, often with limited economic or political power on the global stage.