25 May Question 1. Which of the following statements is incorrect?
Question
1. Which of the following statements is incorrect?
a. The AMT calculated under the direct and indirect methods produces the same amount.
b. The AMT calculated under the direct and the indirect methods produces different amounts.
c. The tax forms use the direct method to calculate the AMT.
d. Only b. and c. are incorrect.
e. a., b., and c. are incorrect.
2. Ashby, who is single and age 30, provides you with the following information from his financial records for 2014.
| Regular income tax liability | $ 47,228 |
| AMT positive adjustments | 40,000 |
| AMT preferences | 20,000 |
| Taxable income | 195,000 |
| Calculate his AMT exemption for 2014. | |
| a. $0. | |
| b. $17,000. | |
| c. $51,900. | |
| d. $52,800. | |
| e. None of the above. |
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