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Alternative Minimum Tax

Surviving spouse can’t use deceased husband’s minimum tax credit from pre-marriage year

Surviving spouse can’t use deceased husband’s minimum tax credit from pre-marriage year

Vichich, (2016) 146 TC No. 12 The Tax Court has held that, where a man had an alternative minimum tax (AMT) as a result of exercising an incentive stock option (ISO) in a year before he got married, divorced, got married again, and then died before he could fully use the minimum tax credit (MTC) […]

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IRS announces latest reduction of refundable corporate AMT credits due to sequester

IRS announces latest reduction of refundable corporate AMT credits due to sequester

irs.gov/Businesses/Effect-of-Sequestration-on-the-Alternative-Minimum-Tax-Credit-for-Corporations On its website, IRS recently announced that corporations electing under Code Sec. 168(k)(4) to “swap” bonus and accelerated depreciation for an increased alternative minimum tax (AMT) credit limitation will see a 6.8% reduction in the amount of the refundable portion of these credits. The reduction is a required “sequestration” spending cut under the Balanced […]

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3-to-5-year carryback of 2008/2009 NOLs doesn’t change order for utilizing AMT NOLs

3-to-5-year carryback of 2008/2009 NOLs doesn’t change order for utilizing AMT NOLs

Legal Advice Issued by Field Attorneys 20144201F In Legal Advice Issued by Field Attorneys (LAFA), IRS has concluded that alternative tax net operating losses (ATNOLs) that were incurred in 2008 or 2009, and that qualify for the special 3-to-5-year carryback under Code Sec. 172(b)(1)(H), cannot be utilized by taxpayers after ATNOLs that are incurred in […]

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IRS Disagrees With Case Law Definition Of “Taxable Income” Used In AMT Calculation

IRS Disagrees With Case Law Definition Of “Taxable Income” Used In AMT Calculation

Chief Counsel Advice 201444040 In Chief Counsel Advice (CCA), IRS has concluded that the reduction in the basis of loans receivable that is required as a result of a corporate ownership change must be taken into account when determining the bad debt deduction used in calculating alternative minimum tax (AMT) adjusted current earnings (ACE). In […]

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IRS Tax Tip 2014-10: What You Should Know about AMT

IRS Tax Tip 2014-10:  What You Should Know about AMT

Have you ever wondered if the Alternative Minimum Tax applies to you? You may have to pay this tax if your income is above a certain amount. The AMT attempts to ensure that some individuals who claim certain tax benefits pay a minimum amount of tax. Here are some things from the IRS that you […]

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IRS Tax Tip 2013-17: Five Facts to Know about AMT

IRS Tax Tip 2013-17: Five Facts to Know about AMT

The Alternative Minimum Tax may apply to you if your income is above a certain amount. Here are five facts the IRS wants you to know about the AMT: 1. You may have to pay the tax if your taxable income plus certain adjustments is more than the AMT exemption amount for your filing status. […]

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Meet Paul Raymond

Meet Paul Raymond

Mr. Raymond is a sought after speaker in tax controversy law by many attorney, accountant, and business groups and at the request of the Internal Revenue Service, has presented programs at the IRS Nationwide Tax Forum, attended by tax professionals throughout the United States.

Additionally, he continues to be an active member in the Section of Taxation, American Bar Association, where he was the Past Chair of the Employment Taxes Committee.

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Member CA Bar Member Orange County Bar US Tax Court Attorney