In Its First Year of Operations (2016), Lavender, Inc

question 103

True/False

In its first year of operations (2016), Lavender, Inc. (a C corporation) has gross receipts of $8 million and net income of $2 million. Lavender is not subject to the AMT for 2016.

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Definitions:

Anterior

Refers to the front or forward direction in the body's anatomy.

Lumbar

Relating to the lower part of the spine, consisting of five vertebral bones between the ribcage and pelvis.

Intercarpal

Relating to the joints and spaces between the carpal bones of the wrist.

Metacarpophalangeal

Referring to the joints between the metacarpal bones of the hand and the proximal phalanges of the fingers.