Final answer:
The statement in the question is false. Both AMT adjustments and tax preferences could be applicable for Kelly's tax situation.
Step-by-step explanation:
The statement in the question is false. Kelly may have AMT adjustments, tax preferences, or both. AMT adjustments are used to calculate the Alternative Minimum Tax (AMT), which is a separate tax system with its own set of rules. Tax preferences, on the other hand, refer to certain deductions, credits, or exemptions that reduce a taxpayer's taxable income. So, Kelly could have one or both of these adjustments in their tax situation.