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Which of the following statements is correct? a.         If the tentative minimum tax exceeds the regular income tax...

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Accounting

Which of the following statements iscorrect?

a.         If the tentativeminimum tax exceeds the regular income tax liability, the AMT isequal to the excess.

b.         The AMTexemption amounts phase down to zero as AMTI increases.

c.         The AMT tax ratefor an individual taxpayer can be as high as 28%.

d.         (a) and (c) arecorrect, but not (b).

e.         (a.), (b) and(c) are all correct.

i'm not sure for a, but i know b and cis correct?

Answer & Explanation Solved by verified expert
4.4 Ratings (572 Votes)
Answer Analysis and Conclusion 1 An Alternative minimum tax AMT is a tax that ensures that taxpayers pay at least the minimum 2 The difference between a taxpayers AMTI and his    See Answer
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Transcribed Image Text

Which of the following statements iscorrect?a.         If the tentativeminimum tax exceeds the regular income tax liability, the AMT isequal to the excess.b.         The AMTexemption amounts phase down to zero as AMTI increases.c.         The AMT tax ratefor an individual taxpayer can be as high as 28%.d.         (a) and (c) arecorrect, but not (b).e.         (a.), (b) and(c) are all correct.i'm not sure for a, but i know b and cis correct?

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