alternative minimum tax


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alternative minimum tax

n. Abbr. AMT
A federal tax on taxable income that applies if deductions and adjustments to income reduce the standard income tax that one owes to an amount less than a specified minimum.
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P also argues that the AMT capital loss entitles him to an alternative minimum tax net operating loss (AMTNOL) deduction under Sec.
Both plans call for elimination of the Alternative Minimum Tax and a reduction in the number of tax brackets.
The Congressional Budget Office (CBO) has a longer time horizon, and scholars at the Brookings Institution have used CBO data to project what would happen if the alternative minimum tax were adjusted and the tax cuts extended.
And it cast doubt on the effectiveness of the Alternative Minimum Tax, which was designed to insure that the wealthy paid at least some income taxes.
Planning and Working With the Alternative Minimum Tax
Although regulations have not yet been issued under that provision, based on regulations issued pursuant to a similar provision of prior law and the legislative history of the current provision, it appears that such alternative minimum tax adjustments are to be apportioned to a REIT's shareholders to the extent that the REIT distributes its regular taxable income.
The alternative minimum tax (AMT) is designed to apply to taxpayers with substantial economic income who use tax credits and other tax incentives to reduce their tax liabilities.
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.
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.
These tax credits can be either used to offset the building owner's federal tax liability or transferred to an institutional investor in exchange for additional equity capital that can be utilized for long-term financing of the project Because the Internal Revenue Code's Passive Activity Rules and Alternative Minimum Tax Regulations severely limit and, sometimes, prohibit the use of tax credits by individuals, many building owners syndicate the tax credits to a third-party institutional investor who can utilize the tax credits.

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