Question 5 (8 points) Which of the following statements regarding the individual alternative minimum tax (AMT) is NOT correct? A taxpayer must pay the AMT in addition to the regularly calculated income tax if the AMT calculation results in a tax liability that is greater than that resulting from the regular income tax calculation. The AMT reduces the tax benefits from certain types of tax deductions and tax preferences that are allowable for regular tax purposes. The AMT applies only to any taxpayer who has losses from passive activities or other business functions. The purpose of the AMT is to prevent taxpayers from using certain tax benefits to reduce their tax liability below reasonable levels