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Which of the following statements regarding the alternative minimum tax is false? Small corporations are exempt from the AMT. All first-year corporations are exempt from

Which of the following statements regarding the alternative minimum tax is false? Small corporations are exempt from the AMT. All first-year corporations are exempt from the AMT. Corporations compute the AMT by multiplying their AMT base by 35% and subtracting their regular tax liability. None of the choices are false (choose if you believe all of the choices are true).

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