Flashcards in Taxes: Corporate AMT Deck (4)
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Taxes:
Corporate AMT
Small Corporation Exemption
Small Corporation Exemption
Gross Reciepts Test
- avg annual gross reciepts for pas 3 years do not exceed $7.5M
- new corporations, always zero in first year
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Taxes:
Corporate AMT
Preferences
Preferences
- tax exempt interest on private activity bonds
- excess of % depletion over adjusted basis
- excess intangible drilling and development costs
3
Taxes:
Corporate AMT
Adjustments
Adjustments
- AMT applies only to 3,5,7,10 year property depreciated using the 200% double declining balance
- differences in gain/loss caused by different bases in assets
- difference in % completion over completed contract
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