CPE Credit: 4 hours

This 4-hour course will provide tax practitioners with the ins and out of the logic behind the topic and related forms and calculations to assist clients with proper tax return presentation.

Topics Covered:

●Overview

●AMT calculation

▬Alternative minimum tax

▬Maximum rate on net capital gain of noncorporate taxpayers

●AMT exemption

▬AMT Exemptions and Phaseouts

▬AMT exemption amounts

▬AMT exemption phaseouts

▬amt exemption for children subject to the 'Kiddie Tax'

●Alternative minimum taxable income - individual

▬Personal exemptions and standard deduction

▬Qualified dividends

▬Medical and dental expenses

▬Miscellaneous itemized deductions

▬Taxes

▬Qualified housing interest

▬Investment interest

▬Tax-exempt interest on private activity bonds

▬Incentive stock options

▬Depletion and depreciation

▬Intangible drilling costs

▬Exclusion for gains on sale of certain small business stock

▬Passive activities

▬Circulation costs

▬Long-term contracts

▬Mining costs

▬Research and experimental costs

▬Wage expense limitations

●Alternative tax NOL

●Alternative minimum foreign tax credit

●Minimum tax credit

●Credits allowed against AMT

●Regular tax liability for AMT purposes

●Review of Form 6251 - Alternative Minimum Tax-Individuals

●Review of Form 4626 - Alternative Minimum Tax-C Corporations

Learning Objectives:

●Provide an overview of the reasoning behind the AMT

●Provide tax requirements for proper application of the related rules and regulations

●Provide reporting requirements for proper completion of the related tax forms

Prerequisites

●General knowledge of basic individual and C corporation tax calculations