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Unformatted text preview: relief provision applie portfolio income . Personal service corporation (PSC) A corporation the prin architecture, accounti performed by the emp than realty (real estat includes such assets personalty includes s Portfolio income The term is relevant i passive in nature, for credits cannot be offs and certain royalties. Rental activity Any activity where pa Regulations provide t to be treated as renta Significant participation activity There are seven tests which is based on mo participation activity is 1.4695T. Tax shelters The typical tax shelte against other types o investments could the than ordinary income Glossary Chapter 12 ACE adjustment Alternative minimum tax (AMT) Alternative minimum tax credit Alternative tax NOL deduction (ATNOLD) AMT adjustments AMT exclusions Circulation expenditures Incentive stock option (ISO) Private activity bond Tax preferences...
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- Spring '10
- Taxation in the United States, alternative minimum tax, active income, services Investment income, investment income Passive, dividend income norm