Instructions: Identify the Following Term(s)

question 118

Short Answer

Instructions: Identify the following term(s).
Zhu Yuanzhang/Ming Hongwu

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Definitions:

AMT Depreciation

Depreciation methods under the Alternative Minimum Tax system, which can differ from regular tax depreciation in terms of rates and methods.

AMT Depreciation Adjustment

Adjustments for depreciation that are required when calculating the Alternative Minimum Tax, a parallel tax system designed to ensure that certain taxpayers pay a minimum amount of tax.

7-year Property

Refers to assets that have a recovery period of 7 years under the Modified Accelerated Cost Recovery System for depreciation.

AMT Purposes

AMT purposes relate to the calculation for the Alternative Minimum Tax, a supplemental income tax required in addition to baseline income tax for certain individuals, corporations, estates, and trusts.