An excess of alternative minimum tax over regular Tax Payable can be carried forward for up to 7 years to be applied against any future excess of regular Tax Payable over the alternative minimum tax.

Question

Quizplus · Accepted Answer

This statement is true. The excess of alternative minimum tax over regular tax payable can be carried forward for up to 7 years to offset any future excess of regular tax payable over the alternative minimum tax.

An Excess of Alternative Minimum Tax Over Regular Tax Payable