In the last three years,Wolf Corporation had gross receipts of $3,000,000,$5,000,000,and $10,000,000.Which of the following statements is correct?
A) Wolf receives a statutory exemption of $40,000 based on its receipts.
B) Wolf is exempt from the AMT.
C) Wolf is subject to the AMT in the current year.
D) There is insufficient information to determine whether Wolf is subject to the AMT.
Correct Answer:
Verified
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