Alternative Minimum Tax for Individuals (Currently Unavailable)

Author: Gary Markowitz

Tax practitioners at all levels, regardless of tax practice, who want an overview of AMT under IRC §55.

This course will help familiarize you and make you more comfortable when considering this important tax issue affecting many of today's taxpayers.

Publication Date: June 2014

Learning Objectives

• Define the terms (1) "alternative minimum taxable income" (AMTI), (2) "taxable income" (TI),and (3) "alternative tax net operating losses" (ATNOLs)
• Recognize election to forgo carryback period under IRC 172(b)(3) — impact to AMT liability.
• Identify the exemption amounts in calculating AMT
• Recognize various taxable "preference items"
• Identify parts of Form 6251 — AMT for Individuals
• Determine the correct application sequencing of ATNOLs
• Identify rules governing ATNOL carryback under WHBAA
• Identify the effects of ARRA and WHBAA on ATNOLs

Level
Intermediate

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
Experience in tax return preparation

Advance Preparation
None