Alternative Minimum Tax (AMT)
Alternative Minimum Tax (AMT) prevents the reduction of your tax liability to zero
- calculate if you are using tax shelters or other tax-reducing schemes
- ensures that everyone with earned income pays some tax
- Tax Payable = min[Tax under regular rules, Tax under minimum tax rules]
\begin{align} Tax \, Payable = min[ {Tax }_{Regular \, Rules }, \; {Tax }_{AMT \, Rules } ] \end{align}
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page revision: 3, last edited: 29 Jul 2007 16:11
