Which of the following statements is incorrect?
A)If the tentative minimum tax exceeds the regular income tax liability, the AMT is $0.
B)The exemption amount increases as AMTI increases.
C)The AMT tax rate for an individual taxpayer can be as high as 26%.
D)Only a.and b.are incorrect.
E)a., b., and c.are incorrect.

Question

Quizplus · Accepted Answer

All the statements are correct. The tentative minimum tax is used to determine if a taxpayer owes AMT. The exemption amount for AMT increases as AMTI increases, and the AMT tax rate for an individual taxpayer can be as high as 26%.

Which of the Following Statements Is Incorrect