Under What Circumstances Are C Corporations Exempt from the AMT

question 74

Essay

Under what circumstances are C corporations exempt from the AMT?

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Definitions:

EFT Program

Electronic Funds Transfer Program; a system that allows the electronic movement of money from one bank account to another.

Federal Income Taxes

Taxes levied by the U.S. federal government on individual and corporate income.

FICA Taxes

Federal taxes in the United States collected to fund Social Security and Medicare, required deductions from employees’ paychecks.

Quarterly Federal Tax Return

A tax document filed four times a year by employers to report their employee's wages and the federal income and FICA taxes withheld.