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

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1 Income Taxation: Chapter 15 Income Taxation: Chapter 15 The Alternative Minimum Tax
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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
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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
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4 AMT Rates AMT Rates Rates for individuals, estates, trusts Rates for MFS (26% on $87,500; 28% over $87,500)
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