As to the AMT,a C Corporation Has No Adjustments or Preferences

question 9

True/False

As to the AMT,a C corporation has no adjustments or preferences for itemized deductions or for the standard deduction.

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Definitions:

Deferred Tax Liability

A tax obligation owed by an entity in the future due to temporary differences between the book value of assets and liabilities and their tax value.

Income Tax Expense

The expense reported on the income statement that represents the amount of income tax a company owes to governmental authorities.

Tax Rate

The percentage at which an individual or corporation is taxed.

Lease Asset

An asset that is acquired under a lease agreement wherein the lessee has the right to use the asset for a specified period.