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In figuring his alternative minimum tax (AMT), Lee generated a minimum tax credit which he is told will help avoid double taxation due to the
- In figuring his alternative minimum tax (AMT), Lee generated a minimum tax credit which he is told will help avoid double taxation due to the treatment of certain income items recurring from year to year. As a result, upon payment of the AMT, Lee may apply this credit against his
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Capital gains
AMT in future years
Ordinary income
Regular tax liability in future years
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Financial And Managerial Accounting
Authors: Carl S. Warren, Jefferson P. Jones, William B. Tayler
15th Edition
1337902667, 9781337902663
