What ALTERNATIVE MINIMUM TAX (AMT) means: A method of computing tax under which some of the income and deductions reported on the forms and schedules filed with your tax return are figured differently or disallowed. For example, interest on certain tax-exempt bonds is taxable for the alternative minimum tax, certain itemized deductions are not allowed when figuring the alternative minimum tax, and the alternative minimum tax has its own exemption amount, not based on the number of exmptions claimed on your tax return. A taxpayer pays the larger of the "regular tax" or the alternative minimum tax. The alternative minimum tax is computed on Form 6251.
- Definition Asset:
- Dictionary An item of useful or valuable property alternative minimum tax (amt) definition.
- Definition Accountable Plan:
- Dictionary reimbursing employees for expenses such as meals, entertainment, travel, and transportation incurred for business purposes on behalf of the employer. A plan is an accountable plan if the employer alternative minimum tax (amt) explain.
- Definition Amount Realized:
- Dictionary by a taxpayer on the sale or exchange of property. The amount received is the sum of the cash and the fair market value of any property or services plus any of the seller's liabilities assumed alternative minimum tax (amt) what is.
- Definition Average Basis:
- Dictionary A method of figuring basis that can be used only for sales of regulated investment company (including mutual fund) shares. The taxpayer can choose either the single-category or double-category method alternative minimum tax (amt) meaning.
How works Alternative Minimum Tax (AMT meaning in Tax definitions A .
