Description

IRS Tax Audit Manual for Alternative Minimum Tax for Individuals

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TABLE OF CONTENTS

• CHAPTER 1
  • Introduction 1-1
  • A Brief History of Alternative Minimum Tax 1-1
  • Current Years’ AMT 1-2
• CHAPTER 2
  • Computing AMT 2-1
  • Form 6251 Alternative Minimum Tax-Individuals 2-1
  • Adjustments and Preference Items 2-1
  • Line 1, Standard Deduction and Itemized Deductions 2-1
  • Line 2, Medical and Dental Expenses 2-3
  • Line 3, Taxes 2-4
  • Line 4, Interest on Home Mortgage 2-5
  • Line 5, Miscellaneous Itemized Deductions 2-6
  • Line 6, Refund of Taxes 2-6
  • Line 7, Investment Interest 2-7
  • Line 8, Post-1986 Depreciation 2-8
  • Line 9, Adjusted Gain or Loss 2-13
  • Line 10, Incentive Stock Options 2-14
  • Line 11, Passive Activities 2-16
  • Line 12, Beneficiaries of Estates and Trusts 2-20
  • Line 13, Tax-exempt Interest from Private Activity Bonds Issued after 8/7/86 2-20 Other Items of Adjustment and Tax Preference Items 2-22
  • Line 14a, Charitable Contributions (For Tax Years 1993–1997) 2-22
  • Line 14b, Circulation Expenditures (For Tax Years 1993–1997)
  • Line 14a for Tax Year 1998) 2-22
  • Line 14c, Depletion (For Tax Years 1993–1997)
  • Line 14b for Tax Year 1998) 2-23
  • Line 14d, (Pre–1987) Depreciation (For Tax Years 1993–1997)
  • Line 14c for Tax Year 1998) 2-24
  • Line 14e, Installment Sales (For Tax Years 1993-1997)
  • Line 14d for Tax Year 1998) 2-26
  • Line 14f, Intangible Drilling Costs (For Tax Years 1993–1997)
  • Line 14e for 1998) 2-26
  • Line 14f, Large Partnerships (For Tax Year 1998) 2-29
  • Line 14g, Long-term Contracts 2-29
  • Line 14h, Loss Limitations 2-31
  • Line 14i, Mining Costs 2-32
  • Line 14j, Patron’s Adjustment (For Tax Years 1994–1998) 2-33
  • Line 14k, Pollution Control Facilities (For Tax Years 1994–1998; Line 14j for Tax Year 1993) 2-33
  • Line 14l, Research and Experimental Expenditures (For Tax Years 1994–1998)
  • Line 14k for Tax Year 1993)2-34
  • Line 14m, Tax Shelter Farm Activities (For Tax Years 1994–1997)
  • Line 14l for Tax Year 1993; Line 14n for Tax Year 1998) 2-36
  • Line 14m, Section 1202 Exclusion (For Tax Year 1998) 2-37
  • Line 14n, Related Adjustments (For Tax Years 1993–1997; Line 14o for Tax Year 1998) 2-37
  • Line 15, Total Adjustments and Preferences 2-38
  • Alternative Minimum Taxable Income 2-38
  • Line 16, Taxable Income Before Personal Exemptions 2-38
  • Line 17, Net Operating Loss (NOL) Deduction 2-38
  • Line 18, Phased-out Itemized Deductions 2-38
  • Line 19, Sum of Lines 15 through 18 2-39
  • Line 20, Alternative Tax Net Operating Loss (AMTNOL) Deduction 2-39 NOLS for AMT Purposes 2-40
  • Line 21, Alternative Minimum Taxable Income 2-42 Exemption Amount and AMT 2-42
  • Line 22, Exemption Amount 2-42
  • Line 23, Line 21 Minus Line 22 2-43
  • Line 24, Calculation of the Actual AMT 2-44
  • Line 25, Alternative Minimum Tax Foreign Tax Credit (AMTFTC) 2-44
  • Line 26, Tentative Minimum Tax 2-46
  • Line 27 2-46
  • Line 28, Alternative Minimum Tax 2-48
• CHAPTER 3
  • Other Provisions that Affect AMT 3-1
  • Kiddie Tax 3-1
  • Partnership and S-Corporation Flow-Throughs 3-6
  • At-Risk Rules and Basis Limitations 3-6
  • Estimated Tax Payments 3-6
  • Short Tax Years 3-7
  • Restricted Consents and AMT 3-7
• CHAPTER 4
  • Minimum Tax Credit 4-1
  • Minimum Tax Credit/General Rules 4-1
  • Minimum Tax Credit Net Operating
  • Loss (MTCNOL) 4-4
  • Minimum Tax Credit and AMT
  • Foreign Tax Credit 4-4
  • Special Rules Relating to Regular
  • Tax Credits from Nonconventional
  • Fuel Sources, Orphan Drug Credit and Qualified Electric Vehicle Credit 4-4
  • Computing the Minimum Tax Credit 4-5
  • Chapter 5
  • Prior Law 5-1
  • Personal Exemptions 5-1
  • Personal Interest 5-1
  • Investment Interest 5-2
  • Passive Activities 5-2
  • Charitable Contributions 5-3
  • Intangible Drilling Costs (IDC) 5-5
  • Energy Preference Deduction 5-5
  • Long-term Contracts 5-8
  • Research and Experimental 5-9
• VI
  • Depletion Expense 5-10
  • Alternative Tax Net Operating Loss 5-10
  • AMT Exemptions 5-10
  • Percentage Applied When Arriving at Tentative AMT 5-10
  • Minimum Tax Credit 5-11
  • Kiddie Tax 5-11