Which of the Following Statements Is Incorrect with Respect to the Consolidated

question 40

Multiple Choice

Which of the following statements is incorrect with respect to the consolidated alternative minimum tax?

• A)The starting point for the consolidated alternative minimum taxable income computation is consolidated taxable income before the NOL deduction.
• B)The difference between the consolidated ACE amount and the consolidated preadjustment AMTI is an adjustment to consolidated taxable income in arriving at AMTI.
• C)Each corporation is permitted its own $40,000 statutory exemption.
• D)If the consolidated tentative minimum tax is smaller than the consolidated regular tax,there is no alternative minimum tax liability.

---

Definitions:

Psychiatrist

A medical doctor specialized in the diagnosis, prevention, study, and treatment of mental disorders.

Psychometrist

A specialist who administers and scores psychological tests, typically under the supervision of a qualified psychologist.

Cognitive

Relating to the mental actions or processes involved in acquiring knowledge and understanding through thought, experience, and the senses.

Information Processing

The methods by which humans and computers take in, use, and output information, often compared to computer processing in cognitive psychology.