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DETERMINING TAXABLE INCOME (GRADED)
Although filing and paying taxes is a complex and time-consuming task, the basic formula for determining your total taxable amount can be summarized in a simple four-step process. Briefly describe this four-step process, and then select one of the four steps and describe, in detail, the elements that make it up.

AMT (GRADED)
What is the alternative minimum tax, and why is it so controversial? Select one of the four steps and describe, in detail, the elements that make it up.