Question

Which of the following is incorrect regarding the ability of the following entities to claim the credit for prior year Alternative Minimum Tax (AMT)? Group of answer choices

An individual who had an AMT credit carryover from 2017 qualifies to claim the credit for prior year AMT

Fiduciaries must complete FTB Form 3510 to claim the credit for prior year AMT

Corporations must complete FTB Form 3510 to claim the credit for prior year AMT

An individual who paid AMT for 2017, and had 2017 adjustments and tax preference items other than exclusions qualifies to claim the credit for prior year AMT

Answer 1

Answer. The following is Incorrect:
Corporations must complete FTB Form 3510 to claim the credit for prior year AMT.

To claim the credit for prior year AMT, individuals and fiduciaries must complete form FTB 3510. Individuals and fiduciaries qualify for the credit if one of following applies:

• Had an AMT credit carryover from 2017.
• Paid AMT for 2017, and had 2017 adjustments and tax preference items other than exclusions.

Corporations must use Schedule P (100 or 100W), Alternative Minimum Tax and Credit Limitations – Corporations, Part III to claim the credit for prior year AMT.