Identify Which of the Following Statements Is False

question 77

Multiple Choice

Identify which of the following statements is false.

• A)The corporate AMT produces relatively little tax revenue.
• B)The small corporation AMT exemption exempts 95% of all corporations from the AMT.
• C)The corporate AMT is similar to the AMT for individuals.
• D)The starting point for computing a corporation's AMT is book income.

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Definitions:

Beneficiary

An individual or entity entitled to receive benefits or assets under a legal instrument, such as a will or insurance policy.

Bilateral Contract

A contract in which both parties make promises.

Consideration

In contract law, the mutual promise to exchange benefits and detriments between parties.

Premiums

The amount paid for insurance coverage or the payment above the nominal value of a security when issued.