Which of the Following Is (Are)AMT Tax Preference Item(s)

question 30

Multiple Choice

Which of the following is (are) AMT tax preference item(s) ?
I.Tax-exempt interest from private activity bonds.
II.Percentage depletion in excess of basis.
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• A)Only statement I is correct.
• B)Only statement II is correct.
• C)Both statements are correct.
• D)Neither statement is correct.

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Definitions:

Nuclear Reactors

Devices used to initiate and control a sustained nuclear chain reaction, primarily for the generation of electricity or for the production of nuclear materials for medical or military use.

Coal Reserves

Quantities of discoverable coal resources that can be economically and legally extracted at current prices.

Reactor Core Meltdown

A severe nuclear reactor accident characterized by the melting of the core components, leading to potential radiation release.

Fossil Fuels

Natural fuels such as coal, oil, and natural gas, formed from the fossilized remains of ancient plants and animals.