Initially,corporations with average annual gross receipts for the last three years of $5 million or less are not subject to the corporate AMT rules.

Question

Quizplus · Accepted Answer

This statement is true according to the current tax laws. Corporations with average annual gross receipts of $5 million or less are exempt from the corporate AMT rules. However, it's important to note that tax laws can change over time, so this may not always be the case in the future.

Initially,corporations with Average Annual Gross Receipts for the Last Three