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Violet Corporation, a C corporation in the 34% tax bracket, willbe subject to the AMT this year. Armen, Violet's president, hasheard that it can be advantageous to accelerate income and deferdeductions into a tax year in which the taxpayer is subject to theAMT. He wonders about the logic of doing this since it wouldincrease Violet's total Federal income tax liability. Armen doesnot expect Violet to be subject to the AMT next year, but Violetwill remain in the 34% bracket.

Complete the following paragraph that will clarify this issuefor Armen.

Violet's acceleration of income and deferral of deductions for atax year in which the C corporation is subject to the AMT can bebeneficial. Since Violet is subject to the AMT for the currentyear, any increase in net income is taxed at the _______?_______ %rate. If this same income is taxed next year, it would subject tothe _________?__________ % rate.

How does the gross estate differ from a probate estate? Whatdetermines whether an item passes to heirs outside the probateprocess? Are items subject to estate tax that are not subject toincome tax?

Engaging in a prohibited transaction can result in an exemptorganization being subject to Federal income tax and may causecertain insiders to be subject to intermediate sanctions. Selectone:

a. False.

b. True.