chapter ss other Corporate tax Newest
1 Chapter 5: Other Corporate Tax Levies
OTHER CORPORATE TAX LEVIES Alternative minimum tax (AMT) Personal holding company(PHC)tax Accumulated Earnings Tax (AET
2 OTHER CORPORATE TAX LEVIES Alternative minimum tax (AMT) Personal holding company (PHC) tax Accumulated Earnings Tax (AET)
Aternative Minimum Tax (AMT AMT is an acceleration of a corps income taxes Small C corp exemption from AMT AMT formula AMT credit 3
3 Alternative Minimum Tax (AMT) AMT is an acceleration of a corp’s income taxes Small C corp exemption from AMT AMT formula AMT credit
Small C Corp Exemption from AMT Average gross receipts <$5M for three year period to qualify First year begins after 12-31-97 Continuing qualification is based upon three year average gross receipts of≤$7.5M
4 Small C Corp Exemption from AMT Average gross receipts $5M for three year period to qualify First year begins after 12-31-97 Continuing qualification is based upon three year average gross receipts of $7.5M
AMT Formula (1of3) Taxable income before nol Tax preference items +/ Adjustments to taxable income other then ACE adjustment and AMT NOL deduction Pre-adjustment AMTI 5
5 AMT Formula (1 of 3) Taxable income before NOL + Tax preference items +/- Adjustments to taxable income other then ACE adjustment and ____AMT NOL deduction = Pre-adjustment AMTI