Solved by verified expert :219. CHAPTER
3—CORPORATIONS: SPECIAL SITUATIONS Question TF #31
The AMT rate for corporations is the same as for individuals.
a.
True
b. False
220. CHAPTER
3—CORPORATIONS: SPECIAL SITUATIONS Question TF #32
Once a small corporation for AMT purposes, always a small corporation.
a.
True
b. False
221. CHAPTER
3—CORPORATIONS: SPECIAL SITUATIONS Question TF #33
Grebe Corporation was formed in 2000. If in 2011, it has average gross receipts
of under $5 million, the company cannot be subject to the AMT.
a.
True
b. False
222. CHAPTER
3—CORPORATIONS: SPECIAL SITUATIONS Question TF #34
Netting refers to the process of AMT adjustments reversing themselves and then
being deducted from taxable income to arrive at AMTI.
a.
True
b. False
223. CHAPTER
3—CORPORATIONS: SPECIAL SITUATIONS Question TF #35
NOLs are negative adjustments.
a.
True
b. False
224. CHAPTER
3—CORPORATIONS: SPECIAL SITUATIONS Question TF #36
Passive activity losses of certain closely held corporations and personal
service corporations are tax preferences.
a.
True
b. False
225. CHAPTER
3—CORPORATIONS: SPECIAL SITUATIONS Question TF #37
If mining exploration and development costs are capitalized and written off
over 10 years, no adjustment is necessary for AMT purposes.
a.
True
b. False
226. CHAPTER
3—CORPORATIONS: SPECIAL SITUATIONS Question TF #38
Tax-exempt interest on state and local private activity bonds (issued in 2010)
is a tax preference item.
a.
True
b. False
227. CHAPTER
3—CORPORATIONS: SPECIAL SITUATIONS Question TF #39
Intangible drilling costs are a tax preference item only for integrated oil
companies.
a.
True
b. False
228. CHAPTER
3—CORPORATIONS: SPECIAL SITUATIONS Question TF #40
The ACE adjustment can be positive or negative.
a.
True
b. False
