Good afternoon everybody my name is isolated numbness and we're here today to talk about the recent changes and alternative minimum tax and how does that affect your tax return that has to be filed for 2023 so we're going to take a look at what happened and what to do next please connect to the voice version through your telephone and we're going to get started now there's a disclaimer just so you know that this is not a formal advise that if you understand that you're affected by these rules that we're going to explain today that you should get specific advice to determine the next steps in your particular situation and the agenda for this afternoon we're going to have a brief introduction we're going to look at our values as a firm what we'll talk about amt background before starting to discuss the rules then we will look at what was in place before the walmart case was resolved we will talk about the results of the lower case and how did that change things the response of Puerto Rico Treasury to that case which are presented on administrative determination 1611 then the credits that can result from these changes and any pending items that are left unclear again just so you know my name is the sovereign ondas I'm a CPA and a tax partner with Cuban Grant Thornton i'm here today with lena morales also a cpa and a tax partner at cuban grant thornton lena will be answering your questions through email you can write the questions in the chat but you have in your screen and Lena will be trying to answer them all it so she cannot answer any of the questions then we will send you the answers back by...
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2017 corporate amt Form: What You Should Know
Your tax year is more than one. 2. Your basis in taxable property was less than 400,000. Enter the portion of your basis that is greater than 400,000, your state adjustment, your AGI plus the amount you deducted under the AMT, minus the amount of state adjusted basis. After state adjustments and AGI, include the AMT credit and the TMT and apply the credit as follows: a. If your AGI is 400,000 or more, add the amount from Form 1023, Alternative Minimum Tax, Schedule B, or Form 2106, Alternative Minimum Tax Return, subject to the following conditions: 1. Your tax year is different from that of any other taxpayer. b. If a reduction is required to claim the AMT credit, the reduction must be taken from the amount to which the AMT credit is otherwise limited. c. If you file Form 940, Schedule SE, or Form 945, enter the amount on line 32. 2. Deduction amount. Enter the amount reduced from Form 1023, Alternative Minimum Tax, Schedule B, or Form 2106, Alternative Minimum Tax Return, subject to the following conditions: 2. Your tax year is more than one. 3. You claimed the AMT credit for any taxable year before 1995. Enter the amount from 1023, Alternative Minimum Tax, Form 2321, or Form 2322, or from a statement accompanying any or all of those forms, subject to the following conditions: 3. You claimed a deduction for the AMT exclusion in the tax year in which you realized the taxable interest. Enter the maximum number of tax years in your first 10 years of ownership. 4. Deduction subject to the 40,000 exclusion amounts. Enter the 40,000 exclusion amounts, and enter the appropriate amount from the table in (i) below. Form 1023 is the form to file for your claim. 3. Deduction amount subject to the 120,000 exclusion amounts. Enter the 120,000 exclusion amounts, and enter the appropriate amount from the table in (i) below. Form 1023 is the form to file if you did not claim the AMT exclusion in the tax year in which you realized the taxable interest. 4.
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