In Calculating the Individual AMT, the Individual Alternative Minimum Tax

question 45

True/False

In calculating the individual AMT, the individual alternative minimum tax liability may not exceed the regular tax liability of the taxpayer.

---

Definitions:

Totten Trust

is a form of revocable trust created by depositing funds into a bank account with a designated beneficiary, who inherits the account contents upon the depositor's death.

Revocable Living Trust

A legal document that allows an individual to specify how their assets should be managed and distributed during their life and after death, which can be altered or canceled by the grantor.

Holographic Will

A will written in the handwriting of the testator.

Domiciles

The places where individuals have their permanent homes or principal establishments, and to which, whenever they are absent, they intend to return.