Determine whether the following statements relating to the AMT for a corporation are true

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Determine whether the following statements relating to the AMT for a corporation are true or false. If false, explain why.

a.
Tax preference items only increase AMTI.
b.
A corporation uses the same NOL carryover amount for regular tax and AMT purposes.
c.
A corporation is allowed a tax credit for the excess of its AMT over its regular tax.
d.
The general business credit can reduce a corporation's regular tax and also its AMT.
e.
The ACE adjustment only increases AMTI.
f.
An S corporation is exempt from the AMT, regardless of its gross receipts.
(Select whether the statement is true or false. If the statement is true, leave the explanation column blank. If the statement is false, select the correct

explanation.

Abbreviation used: min. = minimum.)

 
True/
 
 
False
Explanation
a.
 
 
b.
 
 
c.
 
 
 

d.
 
 
e.
 
 
f.
 
 
 
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