Examlex
The Venn diagram of a particular proposition is completed by:
AMT Purposes
Relates to calculations and exceptions specific to the Alternative Minimum Tax, aiming to prevent high-income taxpayers from avoiding substantial tax payments.
Personal Exemptions
A tax deduction allowed by the IRS for oneself and dependents, though it was eliminated for tax years 2018 through 2025 by the Tax Cuts and Jobs Act.
AMT Adjustments
Adjustments required for calculating the Alternative Minimum Tax, an alternative tax system designed to ensure that certain taxpayers pay at least a minimum amount of tax.
Standard Deduction
A fixed dollar amount that reduces the income that is subject to tax and varies according to the taxpayer's filing status.
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