Determine whether the following statements relating to the AMT for a corporation are true or false. If false, explain why.
a. Tax preference items only increase AMTI.
b. A corporation uses the same NOL carryover amount for regular tax and AMT purposes.
c. A corporation is allowed a tax credit for the excess of its AMT over its regular tax.
d. The general business credit can reduce a corporation’s regular tax and also its AMT.
e. The ACE adjustment only increases AMTI.
f. An S corporation is exempt from the AMT, regardless of its gross receipts.