btax

AMT is calculated based on an adjusted taxable income (which excludes all of the preferential tax provisions) less a certain basic exemption amount. The remaining net adjusted taxable income is subject to a 15% income tax rate and then reduced by certain (but not all) tax credits. True False QUESTION 17 AMT paid in excess of regular tax payable will form the basis for an AMT carryover, which can be deducted against the excess of the individual's regular tax payable over minimum tax in any subsequent taxation year. True False