An Exemption Amount Is Allowed for the AMT Calculation I

Multiple Choice

An exemption amount is allowed for the AMT calculation I. as a deduction from tentative AMTI. II. to provide the average individual taxpayer with the opportunity to not be effected by the AMT provisions. III. through legislative grace for taxpayers with moderate amounts of taxable income and without significant preferences and/or adjustments. IV. In the amount of $51,900 for married taxpayers filing jointly.

A) Only statement I is correct.
B) Only statement IV is correct.
C) Statements II and III are correct.
D) Statements I, II, and III are correct.
E) Statements I, II, III, and IV are correct.