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B is corrent. A Corporation is exempt from the corporate AMT for its first tax year. It is exempt for its second year if its first year’s gross receipts were $5 million or less. To be exempt for its third year, the corporation’s average gross receipts for the first two years must be $7.5 million or less. To be exempt for the fourth year (and subsequent years), the corporation’s average gross receipts for all prior three-year periods also must be $7.5 million or less. Here, Catchem is exempt for 2011 because its average gross receipts for 2009-2010 were $6.5 million. However, Catchem loses its exemption for 2012 and all subsequent years because its average gross receipts for 2009-2011 were in excess of $7.5 million ($7.67 million).
A is incorrect. It is exempt because the average gross receipts for the first two years didn’t exceed $7.5 million. 
C is incorrect. The exemption is lost in 2012 because average gross receipts for the first three years exceeded $7.5 million. 
D is incorrect. It is exempt because the first year’s gross receipts didn’t exceed $5 million.