Question

Which of the following items are allowed when calculating an individual taxpayer's alternative minimum tax?a. Standard deductionb. Personal exemptionc. Charitable contribution deductiond. All of the abovee. None of the above

Answer 1

Answer:

The correct answer is letter "D": All of the above.

Explanation:

Alternative Minimum Tax (AMT) is an action taken by the Internal Revenue Service (IRS) to encourage every taxpayer to pay at least the minimum amount possible out of the income received. This includes a series of deductions that are not limited to standard deductions, personal exemptions, medical and dental expenses, charitable donations, qualified taxing interest, and casualty losses.