When calculating AMTI,individual taxpayers must add back the following:
I.The standard deduction amount.
II.Casualty and theft losses.

A)Only statement I is correct.
B)Only statement II is correct.
C)Both statements are correct.
D)Neither statement is correct.

Question

When calculating AMTI,individual taxpayers must add back the following:
I.The standard deduction amount.
II.Casualty and theft losses.
​
A)Only statement I is correct.
B)Only statement II is correct.
C)Both statements are correct.
D)Neither statement is correct.

Quizplus · Accepted Answer

The standard deduction must be added back when calculating Alternative Minimum Taxable Income (AMTI), but casualty and theft losses are not added back.

When Calculating AMTI,individual Taxpayers Must Add Back the Following