An exemption amount is allowed for the AMT calculation
I.as a deduction from tentative AMTI.II.to provide the average individual taxpayer with the opportunity to not be effected by the AMT provisions.
III.through legislative grace for taxpayers with moderate amounts of taxable income and without significant preferences and/or adjustments.
IV.In the amount of $84,500 for married taxpayers filing jointly.

A)Only statement I is correct.
B)Only statement IV is correct.
C)Statements II and III are correct.
D)Statements I,II,and III are correct.
E)Statements I,II,III,and IV are correct.

Question

An exemption amount is allowed for the AMT calculation
I.as a deduction from tentative AMTI.II.to provide the average individual taxpayer with the opportunity to not be effected by the AMT provisions.
III.through legislative grace for taxpayers with moderate amounts of taxable income and without significant preferences and/or adjustments.
IV.In the amount of $84,500 for married taxpayers filing jointly.
​
A)Only statement I is correct.
B)Only statement IV is correct.
C)Statements II and III are correct.
D)Statements I,II,and III are correct.
E)Statements I,II,III,and IV are correct.

Quizplus · Accepted Answer

The exemption amount for AMT is indeed allowed as a deduction from tentative AMTI (I), it is designed to prevent average taxpayers from being affected by AMT (II), it is provided through legislative grace for those with moderate income and without significant preferences (III), and the amount for married taxpayers filing jointly is $84,500 (IV).

An Exemption Amount Is Allowed for the AMT Calculation