4c3e97d5b09b4a1a72483fe1d1dc0fdaaddedd9f.xls Page 1 of 1 53 Minimum Tax Credit 10 a Minimum Tax Credit is allowed (MTC) b Minimum Tax Credit is excess of 1,2 1. All prior adjusted net min. tax (after 1986) OVER 2. MTC allowed in prior years. c Limitation - MTC cannot exceed the excess of: 1,2 1. Regular tax liability (adjusted for some credits) OVER 2. Tentative Minimum Tax d Definitions 1 Net minimum tax a Net minimum tax is imposed by Sec. 55 b Credit not allowed for exclusion preferences Adjusted net min. tax is net min tax reduced by net min. tax using only preferences. 55 Alternative Minimum Tax Imposed a General Rule - Tax imposed (in addition to any other tax) - equal to the excess of: 9 1,2 1. Tentative minimum tax over 2. Regular tax for the year b Tentative minimum tax 1 Amount of tentative tax A Non-corporate taxpayers (remainder omitted from this outline) B Corporations - Tentative minimum tax is 8 i,ii (i) 20% of AMTI (less AMT exemption), reduced by (ii) AMT foreign tax credit
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