The tax applies whether or not the corporation is subject to the alternative minimum tax
(AMT) and is computed without regard to net operating losses (NOLs) or foreign tax credits (FTCs).
Elimination of 90 percent limitation on the use of foreign tax credits and use of NOLs against alternative minimum tax
and expansion of exemption amounts.
A taxpayer is also subject to an alternative minimum tax
Experts also said the IRS's figures raised questions about the effectiveness of the Alternative Minimum Tax
, which Congress adopted in 1969, after an outcry over the disclosure by Treasury Secretary Joseph Barr that 155 individuals and families made more than $200,000 that year but paid no income taxes.
Organized into three basic units--Computation of the AMT, Special Rules, and Tax Planning--this reference gives detailed analysis of the alternative minimum tax
and its implications for today's taxpayers.
32% of each distribution to its shareholders for the tax year ended December 31, 2012 consists of an alternative minimum tax
According to a Congressional Research Service (CRS) Report for Congress, The Alternative Minimum Tax
for Individuals (RL30149), the effects of the legislative reductions in the regular income tax due to the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) and the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA) have caused more middle-income taxpayers to be subject to AMT.
The AICPA said it backs the Alternative Minimum Tax
Repeal Act of 2005 (HR 1186; http://thomas.
Hegt said that the Alternative Minimum Tax
should be eliminated; that a more objective test needs to be implemented to determine whether workers are classified as employees or independent contractors; that objective, administrable tests relating to the capitalization, expensing and recovery of capitalized costs need to be developed; that capital gains rules need to be simplified; and that estimated tax safe harbors should be rationalized.
It's the Alternative Minimum Tax
, which is designed to keep the wealthy from using deductions to erase their tax bill.
When the alternative minimum tax
was originally en acted in 1969, it was targeted at high-income individuals who paid no income taxes.
Bochner, who specializes in tax law, ERISA and estate planning, says the alternative minimum tax
does not allow for certain deductions.