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.
American Heritage® Dictionary of the English Language, Fifth Edition. Copyright © 2016 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.
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The new federal and provincial governments must immediately prepare finance bills to tax the rich and mighty through alternate minimum tax of 2.5% of net worth and property tax according to the size of the house/office.
Their plan repeals the estate tax and the alternate minimum tax, which will benefit only the wealthiest.
Of course, don't ignore how this may affect possible exposure to the Alternate Minimum Tax (AMT).
Cruz wants to eliminate complex parts of the tax code such as the estate tax, the alternate minimum tax and any taxes related to the Affordable Care Act, commonly known as Obamacare.
Volunteers are not trained to assist with depreciation, business returns, complex financial income, and taxpayers subject to the alternate minimum tax.
In this context, CII has stated that the Union Budget 2012-13, under Section 115JB of the Income Tax Act, has proposed to impose alternate minimum tax (AMT) at the rate of 18.5 percent on all forms of business organizations such as partnership firms, sole proprietorship, among others.
Several expired during 2011: alternate minimum tax relief for 2012, 100% bonus depreciation, R&D credit, CFC look-through, active financing exemption and 15-year leasehold amortization.

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