The Alternative Minimum Tax: What You Need to

A thorough explanation of the Alternative Minimum Tax, including who it will affect, and how one can minimize their tax liability.

Preface

vii

Introduction

ix

Chapter 1: Basics of the AMT

1

(20)

Filing Form 6251, the Alternative Minimum Tax-Individuals

AMT Roadmap

AMT Exemptions

AMT Rates

Capital Gains

Chapter 2: Common AMT Adjustments

21

(26)

Incentive Stock Options

Limitation on Deductions

Chapter 3: Unlikely AMT Adjustments

47

(16)

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

63

(16)

Accelerated Depreciation (pre-1987)

Depletion

Intangible Drilling Costs

Small Business Stock Exclusion

Tax-Exempt Interest

Chapter 5: Importance of the AMT Credits

79

(16)

Nonrefundable Personal Credits

Foreign Tax Credit

Minimum Tax Credit

Chapter 6: AMT Planning

95

(48)

Tax Planning

AMT Planning Specifics

Specific AMT Planning Tips

Comprehensive AMT Problems

Final Thoughts

Glossary

143

(10)

Appendix A: Alternative Minimum Tax-Instructions and Form

153

(12)

Appendix B: AMT Audits

165

(22)

Index

187

(5)

About the Author

192

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The Alternative Minimum Tax: What You Need to Know About the "Other" Income Tax

Summary

Table of Contents

Supplemental Materials