The alternative minimum tax is a tax determined on a broadened definition of income with no deductions permitted.

Name: The alternative minimum tax is a tax determined on a broadened definition of income with no deductions permitted.
Brand: Quizplus
Rating: 4.7 (39 reviews)

Question

Quizplus · Accepted Answer

The alternative minimum tax (AMT) does allow for some deductions, but it disallows or limits certain deductions and exclusions that are typically allowable in calculating regular income tax, leading to a broader definition of taxable income for AMT purposes.

The Alternative Minimum Tax Is a Tax Determined on a Broadened