The Objective of the AMT Is to Force Taxpayers That

question 94

True/False

The objective of the AMT is to force taxpayers that are more profitable than their taxable income reflects to pay additional income taxes.

---

Definitions:

Partnership Assets

Assets or property owned by a partnership entity, which are used for conducting its business activities.

Limited Liability

A legal principle that protects shareholders from being personally responsible for more than their investment in a corporation.

LLC

A Limited Liability Company (LLC) is a business structure in the United States that protects its owners from personal responsibility for its debts or liabilities.

Dissolution

The process of legally dissolving a corporation or partnership, ending its existence.