Form 6251, Alternative Minimum Tax, must be filed in any of the following situations except
A) the taxpayer has general business tax credits that are limited by the tentative minimum tax.
B) the AMT base exceeds the exemption amounts and an individual has AMT adjustments or tax preference items.
C) the tentative minimum tax exceeds the regular tax.
D) the earned income tax credit exceeds the tentative minimum tax.
D) the earned income tax credit exceeds the tentative minimum tax.
The other three situations will require filing of Form 6251, but the earned income tax credit is a refundable tax and not limited by either TMT or regular tax.
You might also like to view...
LinkedIn, a popular social networking website for businesses and their employees, has emerged as a method to assist in the prospecting process.
Answer the following statement true (T) or false (F)
Notes receivable due within 90 days and cash are examples of short-term financial assets
Indicate whether the statement is true or false
The Governmental Accounting Standards Board
a. was incorporated into the Financial Accounting Standards Board when the FASB was created. b. addresses financial reporting issues of U.S. government treaties and treasury rulings. c. addresses the financial reporting issues related to state and local governments. d. addresses the governmental reporting activities of the SEC.
In a situation involving undue influence, the party who is unduly persuaded to enter into a contract due to their mental, emotional, or physical weakness is called the ________.
A. servient party B. correspondent C. dominant party D. fraudster