Question
For Alternative Minimum Tax, it says that A Corporation generally is exempt from the AMT for its first year of existence, regardless of its gross
For Alternative Minimum Tax, it says that "A Corporation generally is exempt from the AMT for its first year of existence, regardless of its gross receipts".
Why does it say "generally" instead of "always"? Are there exceptions that a corporation for its first year of existence has to pay AMT?
I got this from my textbook and I want to know if my textbook is wrong.
Thank you!
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Managerial Accounting Tools for business decision making
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
6th Edition
978-0470477144, 1118096894, 9781118214657, 470477148, 111821465X, 978-1118096895
