The minimum tax credit: Provides that the amount of AMT paid by an individual in one year can be used to offset the regular tax liability of a subsequent year May not be used to offset any future AMT tax liability May be carried forward indefinitely as an offset against regular tax liability All of the above
The minimum tax credit: Provides that the amount of AMT paid by an individual in one year can be used to offset the regular tax liability of a subsequent year May not be used to offset any future AMT tax liability May be carried forward indefinitely as an offset against regular tax liability All of the above
Chapter12: Alternative Minimum Tax
Section: Chapter Questions
Problem 2CPA
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The minimum tax credit:
- Provides that the amount of AMT paid by an individual in one year can be used to offset the regular tax liability of a subsequent year
- May not be used to offset any future AMT tax liability
- May be carried forward indefinitely as an offset against regular tax liability
- All of the above
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