alternative minimum tax

The tax imposed on individuals, estates, trusts, and, for tax years beginning after 1986, corporations. The tax is designed to ensure that all taxpayers pay at least a minimum amount of taxes. The AMT rate is a fixed percentage of alternative minimum taxable income. I.R.C. No.No. 55-59

Black's law dictionary. . 1990.

Look at other dictionaries:

  • Alternative Minimum Tax — (AMT) is part of the Federal income tax system of the United States. There is an AMT for those who owe personal income tax, and another for corporations owing corporate income tax. Only the AMT for those owing personal income tax is described… …   Wikipedia

  • alternative minimum tax — n: a federal tax that prevents a person or entity (as a corporation) with taxable income from avoiding tax liability and that imposes tax liability in the amount of the excess of the tentative minimum tax over regular tax liability see also tax… …   Law dictionary

  • alternative minimum tax — ( AMT) A federal income tax applied to individuals and corporations that take advantage of tax benefits in amounts that are large relative to their incomes. Investors subject to AMT lose the benefits of the tax exemption for interest paid on… …   Financial and business terms

  • Alternative Minimum Tax — ( AMT) A federal tax aimed at ensuring that wealthy individuals, estates, trusts, and corporations pay a minimal level income tax. For individuals, the AMT is calculated by adding adjusted gross income to tax preference items. Bloomberg Financial …   Financial and business terms

  • Alternative Minimum Tax — /ɔ:lˌlɜ:nətɪv ˌmɪnɪməm tæks/ noun US a federal tax on certain capital gains and other income above normal taxable income. Abbreviation AMT …   Dictionary of banking and finance

  • Alternative Minimum Tax - AMT — A tax calculation that adds certain tax preference items back into adjusted gross income. Alternative minimum tax (AMT) uses a separate set of rules to calculate taxable income after allowed deductions. Preferential deductions are added back, and …   Investment dictionary

  • Form 6251: Alternative Minimum Tax - Individuals — A tax form distributed by the Internal Revenue Service (IRS) and used to determine the amount of alternative minimum tax (AMT) that a tax payer may owe. Some taxpayers with higher incomes can claim certain deductions that allow them to reduce… …   Investment dictionary

  • minimum tax — See alternative minimum tax …   Black's law dictionary

  • tentative minimum tax — ten·ta·tive minimum tax / ten tə tiv / n: a tax that to the extent it exceeds regular tax liability is the alternative minimum tax liability and that is determined by adjusting taxable income by adding tax preference items under Internal Revenue… …   Law dictionary

  • Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 — Effective (Various dates for different provisions) Citations Public Law Public Law 111 312 Stat …   Wikipedia

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