The deduction for personal and dependency exemptions is allowed for regular income tax purposes, but is disallowed for AMT purposes. This results in a positive AMT adjustment
a. True
b. False
Indicate whether the statement is true or false
True
RATIONALE: Personal and dependency exemptions allowed for regular income tax purposes are not allowed in computing AMTI. So the amount of the deduction for personal and dependency exemptions for regular income taxes is a positive adjustment in calculating the AMT.
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Kofi Nkrumah ran a restaurant booth at a beach during the summer. He sold two cans of Zowie Cola to Iona Green, who gave one to her boyfriend, Dennis Vigay
When Dennis was almost finished drinking, he saw the partly decayed body of a mouse at the bottom of the can. He became violently ill. Which of the following is FALSE? A) Dennis can successfully sue Zowie and Kofi for negligence B) Kofi is not liable in contract to Dennis because he sold the pop to Iona. C) Kofi owed a duty of care to Dennis but did not breach it, since he could have no idea there was a mouse in the can. D) Dennis can sue Zowie in a products liability action. E) Ioan is not liable for Dennis's injuries