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- W332231621 abstract "Congress enacted the alternative minimum (AMT) provisions found in IRC sections 55 to 59 to establish a floor so individuals would pay some regardless of the exclusions, deductions and credits otherwise available to them under the income statutes. The AMT provisions accomplish this goal by eliminating the favorable treatment the income gives to certain items. The AMT applies only if, and to the extent that, the tentative minimum tax exceeds the taxpayer's regular tax. An election to claim the standard deduction or to itemize deductions is binding for both taxable income and alternative minimum taxable income (AMTI). CPAs can help taxpayers weigh the benefit associated with either option by doing parallel computations. Once a taxpayer elects to itemize or claim the standard deduction for purposes, he or she must make section 56(b) adjustments that directly correspond to the deduction(s) claimed for that purpose. The limitation on itemized deductions under section 68 does not apply when computing AMTI. However, to apply the AMT adjustment, the taxpayer must have itemized deductions for purposes and had them reduced by section 68. During 1999 Marx was employed by Sun Microsystems Inc. as a programmer. On his timely filed 1999 form 1040, Marx reported more than $1 million in income. Since his adjusted gross income exceeded $126,000, the phaseout amount under section 68, he was required to significantly reduce his otherwise allowable itemized deductions. Marx took the standard deduction for a single individual in lieu of electing the lesser and more limited itemized deductions. Because he claimed the standard deduction, he did not have to file schedule A. However, Marx filed a blank schedule A with his return reporting absolutely no information or deductions. He also did not report any AMT on his 1999 return, nor did he include Form 6251, Alternative Minimum Tax--Individuals. The IRS informed Marx he needed to file form 6251 so it could process his return. Marx completed and filed the form in accordance with a narrow interpretation of section 56 adjustment provisions. In computing his AMT, Marx * Increased AMTI for state and local income taxes paid. * Increased AMTI for tax-exempt interest from private activity bonds. * Decreased AMTI for the amount that would have been allowed as itemized deductions if not for the section 68 limitation. …" @default.
- W332231621 created "2016-06-24" @default.
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- W332231621 date "2003-08-01" @default.
- W332231621 modified "2023-09-26" @default.
- W332231621 title "Taxpayer Precluded from Itemizing Deductions for AMT" @default.
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