Gerbil Corporation was formed in 2006. If in 2016, it has average gross receipts of under $7.5 million, the company cannot be subject to the AMT.

Name: Gerbil Corporation was formed in 2006. If in 2016, it has average gross receipts of under $7.5 million, the company cannot be subject to the AMT.
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Question

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The Alternative Minimum Tax (AMT) exemption for small corporations applies if the corporation's average annual gross receipts for the previous three years do not exceed $7.5 million, not just in 2016.

Gerbil Corporation Was Formed in 2006