Chapter 15 v2 - Income Taxation: Chapter 15 The Alternative...

Info iconThis preview shows pages 1–5. Sign up to view the full content.

View Full Document Right Arrow Icon
1 Income Taxation: Chapter 15 Income Taxation: Chapter 15 The Alternative Minimum Tax
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
2 Who is Subject to the AMT? Who is Subject to the AMT? Individuals, estates and trusts are subject to the Individual AMT Large corporations are subject to the Corporate AMT “Small” corporations with less than $5,000,000 in average annual gross receipts for a three year period are not subject to Corporate AMT. If later, gross receipts exceed $7,500,000, the “small” corporation becomes subject to the AMT
Background image of page 2
3 Individual AMT Considerations Individual AMT Considerations Adjustments for Individuals only! Itemized Deductions: no deduction for taxes (including sales taxes) no misc. itemized deductions medical expenses deductible only if > 10% of AGI No Standard Deduction No Personal or Dependency Exemptions For Incentive Stock Options: include difference between FMV and option price
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
4 AMT Rates AMT Rates Rates for individuals, estates, trusts Rates for MFS (26% on $87,500; 28% over $87,500)
Background image of page 4
Image of page 5
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 06/06/2011 for the course ACE 346 taught by Professor Peter during the Spring '11 term at University of Illinois, Urbana Champaign.

Page1 / 7

Chapter 15 v2 - Income Taxation: Chapter 15 The Alternative...

This preview shows document pages 1 - 5. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online