In its first year of operations (2008),Auburn,Inc.(a C corporation)has gross receipts of $22 million and net income of $6 million.Auburn is not subject to the AMT for 2008.

Name: In its first year of operations (2008),Auburn,Inc.(a C corporation)has gross receipts of $22 million and net income of $6 million.Auburn is not subject to the AMT for 2008.
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Question

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Since Auburn is in its first year of operations,it is exempt from the AMT.

In Its First Year of Operations (2008),Auburn,Inc