What Is the Purpose of the AMT Exemption Amount? What

question 50

Essay

What is the purpose of the AMT exemption amount? What is the maximum amount for each filing status for an individual taxpayer and for a corporate taxpayer?

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Definitions:

Civil Law System

A system of law derived from that of the Roman Empire and based on a code rather than case law; the predominant system of law in the nations of continental Europe and the nations that were once their colonies. In the United States, Louisiana is the only state that has a civil law system.

International Law

The law that governs relations among nations. International customs and treaties are generally considered to be two of the most important sources of international law.

Individual Nations

Refers to sovereign countries, emphasizing their distinct and independent legal and political identities.

Overturn Precedents

To reverse or invalidate prior judicial decisions, altering the legal interpretations previously established by courts.