Full Description

Essentially, another way taxpayers are forced to calculate their taxes—the Alternative Minimum Tax increases your tax bill by reducing many of the exemptions, deductions and credits you may have taken when figuring your regular taxes. Originally designed as a way for the rich to be forced to pay taxes, the Alternative Minimum Tax now has a very real impact on individuals with even a modest income.

The Alternative Minimum Tax is designed to give the average consumer and nontax professional an understanding of the AMT, help them reduce or eliminate its impact and to plan transactions for the lowest AMT result. It instructs the consumer on how to compute it and to identify and claim adjustments, preferences, and exemptions. It also discusses the importance of the AMT credit.
With no expectation of a change from Congress, each of the following groups can benefit from the information provided in The Alternative Minimum Tax:
- Middle class consumers with gross income of $50,000
- Professionals who are nonbusiness or tax oriented
- Anyone who itemize deductions
- Corporate executives
- Business owners

Table of Contents

Preface -

Introduction

Chapter 1: Basics of the AMT
Filing Form 6251, the Alternative Minimum Tax—Individuals
AMT Roadmap
AMT Exemptions
AMT Rates
Capital Gains

Chapter 2: Common AMT Adjustments -
Incentive Stock Options
Limitation on Deductions

Chapter 3: Unlikely AMT Adjustments
Alcohol Fuel Credit
Basis Adjustment
Circulation Costs
Depreciation
Installment Sales
Long-Term Contracts
Mining Costs
Net Operating Loss
Passive Activity Losses
Pollution Control Facilities
Tax Shelter Farm Activity

Chapter 4: Tax Preference Items -
Accelerated Depreciation (pre-1987)
Depletion
Intangible Drilling Costs
Small Business Stock Exclusion
Tax-Exempt Interest

Chapter 5: Importance of the AMT Credits -
Nonrefundable Personal Credits
Foreign Tax Credit
Minimum Tax Credit

Chapter 6: AMT Planning -
Tax Planning
AMT Planning Specifics
Specific AMT Planning Tips
Comprehensive AMT Problems
Final Thoughts

Glossary
-
Appendix A: Alternative Minimum Tax—Instructions and Form

Appendix B: AMT Audits

Index

About the Author -

Excerpt

Editorial Reviews

Customer Reviews

Customer Reviews: