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LER 2430Glossary Active Volcano An erupting volcano or a volcano that has erupted before and will likely erupt in the future. Ash Fragments of volcanic rock that are exploded from the vent of a volcano
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AMT (Alternative Minimum Tax) - a new refers to the updated regulations and guidelines regarding the Alternative Minimum Tax system which aims to ensure that individuals and corporations pay a minimum amount of tax.
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Individuals and corporations with income that exceeds certain thresholds and who benefit from specific deductions and credits may be required to file AMT.
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Taxpayers must report their taxable income, adjustments, and preferences that affect the computation of the alternative minimum taxable income on the AMT form.
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