Question
All of the following statements regarding alternative minimum tax (AMT) adjustments are true EXCEPT: No AMT adjustments are necessary for rental real estate placed in
All of the following statements regarding alternative minimum tax (AMT) adjustments are true EXCEPT:
No AMT adjustments are necessary for rental real estate placed in service after 1998.
AMT adjustments relating to passive activity income or loss are generally due to a difference between AMT and regular tax depreciation.
No AMT adjustments are necessary when a taxpayer takes the special loss allowance for active participation rental real estate.
It is not necessary to refigure depreciation under AMT for qualified property eligible for bonus depreciation if the basis is the same under both AMT and the regular tax.
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Accounting Principles
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
12th edition
1119132223, 978-1-119-0944, 1118875052, 978-1119132226, 978-1118875056
