If the Taxpayer Elects to Capitalize and to Amortize Intangible

question 63

True/False

If the taxpayer elects to capitalize and to amortize intangible drilling costs over a 3-year period for regular income tax purposes, there is no adjustment or preference for AMT purposes.

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Definitions:

Reacquired

Refers to buying back previously sold or issued shares of a company's own stock or previously owned assets.

Discharged from Liability

The legal release of an individual or entity from any further responsibility for a debt or obligation.

Scientific Management

A management theory developed by Frederick Taylor, focusing on improving economic efficiency and labor productivity through systematic observation and measurement.

Deliberate Tasks

Activities consciously planned and executed to achieve a specific goal.