Which of the Following Statements Regarding AMT Is True

question 12

Multiple Choice

Which of the following statements regarding AMT is true?

• A) Only very profitable companies (AMTI greater than $1 million) have their AMT exemption phased out.
• B) The AMT exemption is phased out dollar for dollar as AMTI increases.
• C) Minimum tax credits can be carried forward indefinitely.
• D) Minimum tax credits are generated whenever regular tax liability exceeds tentative minimum tax.

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Definitions:

Tort

A civil wrong that causes a claimant to suffer loss or harm, resulting in legal liability for the person who commits the tortious act.

Crime

An act or omission that is prohibited by law and can result in punishment upon conviction.

False Imprisonment

Refers to the unlawful restraint of a person against their will by someone without legal authority or justification.

Battery

A criminal offense involving the unlawful physical act or force applied to another person, resulting in harmful or offensive contact.