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Video instructions and help with filling out and completing corporate alternative minimum tax repeal

Instructions and Help about corporate alternative minimum tax repeal

So when we have a quorum Jerry Anderson will Palace file 3162 so members if you would take out 31 62 and I see it there's an a.1 amendment is that the author's amendment it is okay so we will take care of that when we actually have a quorum so welcome to the committee if you could please present your belt Thank You mr. chair on the authors amendment we make an adjustment to allow for recognition of the credits that corporations already have in place so that's what the amendment does but as far as the overall bill does as you know the federal tax conformity tax bill eliminated the corporate AMT tax and if Minnesota were to keep the corporate AMT tax it obviously would make it more challenging and difficult for our businesses to file their taxes which is opposite of what the intent was with the federal tax bill and so we're trying to just make that happen here in on the Minnesota side of things and that's it in a nutshell and I do have some testifiers mr. chair if you are ready for that thank you very much Jerry Anderson we will go to the first test fire Beth Badoon and we'll go on the sort of Bethenny and Jill Larson on a large net next ed lars Larson is there anyone else wish testify on behalf of the bill other than who I mentioned or with concerns the department on this bill okay thank you sir okay please state your name and who you represent for the record please Thank You mr. chair my name is Beth Gayden I represent the Minnesota Chamber of Commerce I want to thank the chair as well as chair Andersen for hearing this bill today we do think it's important when we're looking at your tax bill for this year I'm dealing especially with the federal tax conformity issue to get all the issues impacted by federal tax conformity on the table this is one when you looked at the revenue efrom the Department of Revenue the other day corporate AMT repite was not included in that eso we certainly wanted to get this bill on the table so you could see what what another item is that's impacted by the federal tax bill as was mentioned by chair Anderson this bill the federal tax bill did repeal corporate AMT at the federal level and we think it's important to repeal it at the state level as well so we're in strong support of this bill we would mention you know the corporate AMT does greatly increase the complexity of the tax system and we think this will be even more impaired apparent if we continue Minnesota's when the federal no longer has there's the corporate AMT at the state level is based on a lot of the federal definitions it uses the federal form to calculate Minnesota's tax if we no longer.

FAQ

Why is the alternative minimum tax form of 6251 so onerous to fill out?
To make things simpler, ironically.The purpose of the AMT is to ensure that the uber rich pay at least a minimum amount of taxes, but has since morphed into something that hits the upper middle classes*. It does that by having fewer tax brackets, fewer allowed deductions and a higher standard deduction. What you owe is whatever causes you to pay more taxes.However, this needs to be done in addition to the traditional tax calculation. So you need to take your calculations of your various income measures, and put back in various deductions that are disallowed under AMT rules. Or have to be recalculated. It’s a pain.Either someone decided that this was easier than having a completely separate tax form to calculate your AMt tax or someone lobbied to have mor complicated taxes so you’d go to one of the tax places or download tax software.*With the Trump tax changes, AMT affects fewer people.
How would you rewrite the US tax code? What would the new tax brackets be? Would you keep the Earned Income Tax Credit or the Alternative Minimum Tax? Would you repeal the mortgage interest deduction or enact the Buffet rule?
I’ve been thinking about this one for a long time.I don’t think the income tax can be redeemed. It is impossible to make it work.Here are three absolutes for a tax:Revenue raisingFairnessAdministrabilityThe problem with the income tax is that you can any two elements, but you cannot have the third. Income tax is just too complex.I’m not talking about the personal income tax on employment income. That’s pretty easy to measure most of the time. But as soon as you tax business or property income (things like interest, dividends, rents, royalties and capital gains), it gets complicated.Why? Because you’re not just measuring the inflow, you’re measuring net income. That’s after deductions. Not just arbitrary deductions, like mortgage interest, but a general class of expenses incurred to earn that income.Now layer on top of that complexity the fact that people can (and often must, for non-tax reasons) incorporate their businesses, or run them through other forms of organization (in the United States, partnerships and LLCs, among others).That’s not enough? Now you have to do it in an international environment. What do you do about domestic companies earning foreign income? What about foreign companies earning domestic income? Ever hear of a Double Irish? Sounds like a good drink, or a sex position. It’s not. But if you’re particularly hungry, it comes with a Dutch Sandwich.Oh, the income tax can raise money, and it does. At least for a while. And it can be made mostly fair. But this is what the US regulations look like:And of course in an international world, there is something like this in the other countries as well. So every company has to pay expensive people (lawyers and accountants like me) to figure this stuff out forwards and backwards.And the governments have to do the same.Of course, governments don’t pay their civil servants very well, so they (mostly) don’t have the same expertise as the opposite side. They simply don’t have the skilled manpower to audit enough to find the errors and omissions (whether intentional or not).And that doesn’t even take into account the fact that Congress is slowly defunding the IRSBut I digress.Of course, you could simplify things. Tax only domestic income, not foreign income. That would stop things like Tax inversions. But would it be fair? There’s a long list of simplifications that could be made, but most of them would open up loopholes. A huge part of tax legislation is nothing but loophole-closing.Or you could dramatically lower tax rates. It doesn’t pay to use me, if you’re only going to save $12 in tax. Lower tax rates make tax strategies inefficient.But that would lower the amount of revenue raised.Are you ready to halve Social Security? Bye-bye Obamacare (Trumpcare, whatever).The solutionDo what the Europeans do (and Canada, and New Zealand, and lots of other places) - institute a Value-added tax (“VAT”).But do it with an American twist - kill the income tax.A VAT is a sales tax, but it’s levied on just about everything (properly done, even food). It’s a sales tax, not an income tax. That means your costs are irrelevant. That makes it much simpler (a business just has to measure your input tax credits, but that’s just the amount it paid in VAT on its purchases - that’s easy).Because the base is so broad, the rate can be much lower than the income tax rate, to generate the same revenue.It is far simpler to run than an income tax. There are scores of examples that prove this.ObjectionsMoving tax from corporations to individualsA major objection is that it removes tax from corporations, and lays it all onto individuals. This appears at first blush to be a reasonable objection. But there is a great deal of evidence, accepted by economists across the spectrum, that corporate taxes don’t really fall on shareholders - they fall primarily on employees of the corporation (and some on customers). Just because corporations write the check to the government doesn’t mean they actually bear the cost.Tax incidence - WikipediaProgressivityThe biggest objection is that a VAT is regressive. That’s easy to overcome - pay out a subsidy to low-income people. This is how every VAT is instituted.In a country with no income tax (as I suggest), the solution is to pay the subsidy to everyone. Yes, this appears expensive, but for most people, it’s just money running around in a circle. You can set the rate appropriately to do this. And you can combine it with a Guaranteed Annual Income - a darling concept of both the left and right.Is it as progressive as income tax? No. There’s no tax that can replicate the income tax’s progressivity, because progressivity is specifically defined (now) as causing a higher-income person pay tax at a higher rate.The problem with this definition is the definition of “high income”. As noted above, “income” is a very difficult concept to measure consistently, especially at the highest levels. So we come up with some proxies for it. They’re still not very good.And when you apply very high tax rates (hello France, Canada, California and New York City), you get economically inefficient behavior. People spend a lot of time trying to minimize their taxes instead of earning more income. Instead of employing more factory workers they employ more accountants. Good for me, but not so good for the economy.Or they cheat. Or they leave the jurisdiction altogether. Do you think it’s a coincidence that so many American professional athletes live in Florida rather than New York? Oh yeah‡ it’s just for the weather‡ yeah.Millionaire athletes flee states with high income taxesDoes anybody remember The Goose That Laid the Golden Eggs?Tax on foreignersAnother objection is that a VAT imposes no tax on foreigners. Right now, if a foreigner earns US investment income, s/he/it has to pay US income tax. That revenue would be lost.Actually, no. Again, for the same reason that corporations effectively bear no tax, neither do foreigners. Their after-tax rate of return (for a given risk level) is fixed. The net effect here would be to increase foreign investment in the United States, creating jobs.How about a different definition of progressivity?In real life, rich is what you spend, not what you earn. Rich people spend a lower proportion of what they earn. They give away the difference. Some goes to charities, and some goes to family. But in either case, when it gets spent, it would generate VAT revenue.ConsistencyOne factor that people often miss in tax policy design is consistency. A good tax will generate roughly the same governmental revenue in good years and bad. The reason this kind of a tax is beneficial is that it allows for future planning. Governments spend on short-term stuff, but they also make long-term commitments. Predictable revenues make the political choices more transparent.Income taxes - especially business taxes, and tax from rich people - bounce up and down quite a lot. When the economy’s good, they gush. When the economy is bad, those entrepreneurs generate losses.VAT revenues are much less affected by these fluctuations.If you’re a Keynsian, and you want to use government to “prime the pump”, you can still do this - but with spending (again, politically transparent), rather than the tax system.TransparencyThe best thing, for people, about a VAT is that if governments want more money, they have to raise the rate - on everybody. Right now, there’s a lot of “don’t tax me, don’t tax thee, tax that guy behind the tree”. Politically easy targets get tax hikes, even if it makes little economic sense.A VAT is good for democracy. There’s no free money. Politicians can’t fool you by taxing one person, but having another bear the cost.ConclusionA VAT beats an income tax hands down. Except for politicians who use income tax to fool people.
As a conservative, I can appreciate that Trump can be a jerk at times. However, can the liberals give us just one policy of his they think is harmful to America?
Of the many destructive and outright amoral opinions / ideologies Trump adherents, including djt himself, hold and have tried to or successfully turned into policy, I'm going to go with top of mind and pick his reversal of Obama's gun safety EO banning mentally ill individuals who have been reported as dangerous from purchasing guns.Wait! Perhaps it’s sticking your nose where it doesn’t belong and adding fuel to the fire of hatred toward America by recognizing Jerusalem “officially” as the capital of Israel. It was an unnecessary move that has the potential (and likelihood) to make an already deadly and intractable problem worse…oh, and to add more fuel to the terrorists‡ fire. And there was NO reason he had to do it. He was just being an ass.Maybe it’s implementing the largest reclamation of national park lands IN HISTORY to allow for STRIP MINING, when it’s known that those lands contain thousands of sacred sites and artifacts belonging to the Native Americans, of whom he has no understanding, knowledge or respect. Don’t tell me about his little stunt with the code talkers‡ saying “hola” doesn’t mean you speak Spanish.No, wait, I'll go with the stated stance (and therefore supported policy) that a national database of gun purchases is a bad thing. Wait, wait, let's go with the DHS' (Trump appointee, Trump policy) monitoring of social media activity (sorry, monitoring of ONLY immigrants, naturalized citizens, refugees). Yeah, that’s the ticket - that’s an attack on one’s own citizens.BUT…you could also go with the de-funding of in person help to sign up for healthcare through the marketplaces (aka, ACA or “Obamacare") because we all know how few questions people have when they're using the computer and how easy it is to do anything on the computer when you’re elderly, disabled or otherwise handicapped. OR, perhaps the (proposed) policy to eliminate the individual mandate, which is personal to me because it is the only thing that allows me to get affordable health insurance. That’s probably the right “just one policy of his that is harmful to Americans” because it’s a personal attack on me - literally. I’m driven to tears every time the topic comes up because I’m terrified I’m going to be without insurance in the next year or two…and probably will be. And by the way, I don’t fit into the delusional view that FAR too many out-of-touch conservatives have of the beneficiaries of the Affordable Care Act as lazy, good-for-nothing people who should pick themselves up by the bootstraps…I’m an dual-degreed, former corporate executive who is now a small business owner who struggles to make it every day as I try to fulfill MY AMERICAN DREAM.Damn…this question really enrages me. Just the arrogance of asking it says you’ve done no research, have rarely if ever tried to look at things from the perspective of someone who is different than you in political beliefs. The problem isn’t that he’s a jerk. The problem is that anyone who can be described that way shouldn’t be in the highest office in the most amazing country in the world, and he’s far worse than a jerk. He’s a blowhard with little intelligence and no business sense and a complete disregard for anything that’s not white, rich or pretty.The absolute worst part of trump is that he is literally attacking the very people who voted for him. Take this tax bill (it’s not reforming anything)…after decades of the middle class having stagnant wages with a little blip of relief from 1995 to 2021 (thank you, Clinton), of growth in housing prices far exceeding inflation and wages, of healthcare costs skyrocketing, of higher education costs skyrocketing, of the price of milk skyrocketing…trump and his power hungry, ideologically selfish bots in Congress are literally handing HUGE tax breaks to big businesses and the top 1% (many of whom don’t even want it) -- oh, oh, and the foreign investors who own nearly 35% of American corp stocks! ON. THE. BACKS. OF. HIS. VOTERS. AND ME. It breaks my heart, enrages me beyond belief and makes me wonder WHEN IN THE WORLD TRUMP ‘FANS‡ ARE GOING TO FIGURE IT OUT. This joker is the same sorry excuse for a man whom we’ve known (in NY, NJ) for decades is a scam artist and charlatan, not to mention a serial misogynist and woman harasser. But let’s get back to your question…Maybe I should pick the DOJ's dismantling of the criminal justice reform task force? No, no, no…I got it: the EPA's relaxing or reversals (some attempted) of consumer protections like the Clean Water Act.Gee, I just don't know which one to highlight….Go to the WH site and pick any E.O. he's signed (because so far all his damage is via Executive Order and agency directives), and I'll pick out at least one stipulation that is inarguably dangerous or harmful to America and Americans.I’m genuinely sorry if my anger -- which is not towards you per se (I actually appreciate that you asked the question) -- is off-putting but this guy is just dangerous, dangerous, dangerous…and that’s not an ideological, red or blue statement. That’s my point of view based on decades of knowing about him (I’m from the northeast) and seeing what he's done to win the WH, as if it were a golf game. And now he is openly backing an multiple-time accused pedophile for elected office in Alabama.When? When will my fellow Americans return to a core of humanism, of caring about our fellow human beings, of having pride in being the beacon of decency here and around the world, and get rid of this guy and the entire manipulative Gingrich-Ryan-trump gang who gleefully desecrate not only the U.S. Constitution but the very ideals upon which this phenomenal country was founded?***See comments for some more harmful policies, especially on climate change.
2021 Presidential Debates: Is there or is there not a $5 trillion tax cut in Romney's plan?
Romney says he does not want to pass a plan that would add to the deficit and that any tax changes should not favor the rich. Here is what he said during various debates:I'm not in favor of a $5 trillion tax cut. That's not my plan. My plan is not to put in place any tax cut that will add to the deficit.[9]My plan is to bring down rates, but also bring down deductions, exemptions and credits at the same time. [9]The top 5 percent of taxpayers will continue to pay 60 percent of the income tax the nation collects. So that'll stay the same.[1]Here are Romney's tax proposals, as listed on his website:Make permanent, across-the-board 20 percent cut in marginal ratesMaintain current tax rates on interest, dividends, and capital gainsEliminate taxes for taxpayers with AGI below $200,000 on interest, dividends, and capital gainsEliminate the Death TaxRepeal the Alternative Minimum Tax (AMT)[5]The Tax Policy Center looked at the cuts Romney proposed. Their main conclusion was a reduction in 2021 tax revenue by $456 billion, or about $5 trillion over ten years.[11]They claimed that if he wanted to adequately fund that plan by eliminating deductions, the middle class would pay about $86 billion more in annual taxes.[11] This claim is not based on anything Romney has said. Instead it's based on thinking about different ways he could pay for it, so there's no real backing behind that claim.It's important to take into account what Romney has actually said when evaluating that number.Romney has said he would close corporate loopholes and corporate tax receipts would be unchanged. The Tax Policy Center said that if corporate tax receipts were unchanged, the impact of Romney's tax changes would be $360 billion in 2015.[11] This reduces the $5 trillion number to about $4 trillion.Romney has said he would have a cap on individual income tax deductions, which would raise tax revenue primarily from the rich, offsetting other changes which benefit the rich. The Tax Policy Center says that would raise taxes by $1.7 trillion over ten years (I discuss that at length below.) That brings the total down to just over $2 trillion.Romney would eliminate Obamacare, a maneuver which was estimated by the CBO to save $1.2 trillion over 10 years,[12] helping to offset some of the tax increases that were used to fund Obamacare. It's worth noting that Obamacare raises taxes by 0.5% of GDP, which would be about $90 billion in 2015.[16][17] That might total 1 trillion over ten years. It's worth noting that eliminating Obamacare therefore might reduce taxes by trillion over ten years and reduce the budget deficit by another trillion, allowing for $2.2 trillion of tax cuts, in total.Romney believes that cutting and simplifying taxes may spur economic growth. On his website, he claims "A significant body of economic research concludes that fundamental tax reformcould increase real GDP growth over the next decade by 0.5 to 1 percentage point per year."[5] If that happens, it could boost revenue.Romney has also talked about a middle class tax cut which is not included in these numbers, which would reduce tax revenues slightly.Romney has talked about cutting credits and exemptions which are also not in these numbers, which would increase tax revenues slightly.Romney has also talked about other spending cuts which are not included here. Of course, Romney has also talked about increasing defense spending and other spending increases which are not included here.Also, the rich may not preferentially benefit from an income tax perspective, but they may unfairly benefit from the elimination of the estate tax.Eliminating the estate tax would cost about $410 billion over the coming decade, assuming the 2001-level tax returns as scheduled next year, according to the nonpartisan Tax Policy Center. President Barack Obama's push to return to the 2021 levels would cost the government about $199 billion, compared with next year's scheduled rate.[14]Romney has talked about putting a cap on total income tax deductions. Doing that would preferentially raise income taxes on the rich, potentially offsetting other changes."As an option you could say everybody's going to get up to a $17,000 deduction, and you could use your charitable deduction, your home mortgage deduction, or others -- your health care deduction, and you can fill that bucket, if you will, that $17,000 bucket that way," Romney said.  He added: "Higher income people might have a lower number." [4]Romney used a different number in the October 16th debate.And so, in terms of bringing down deductions, one way of doing that would be say everybody gets - I'll pick a number - $25,000 of deductions and credits, and you can decide which ones to use. Your home mortgage interest deduction, charity, child tax credit, and so forth, you can use those as part of filling that bucket, if you will, of deductions.[1]The amount of money lost from people taking tax deductions is huge, and could be used to offset rate decreases. Paul Ryan talked about why the math could work there in the VP debate.What we're saying is, here's our framework. Lower tax rates 20 percent. We raised about $1.2 trillion through income taxes. We forego about $1.1 trillion in loopholes and deductions. And so what we're saying is, deny those loopholes and deductions to higher-income taxpayers so that more of their income is taxed, which has a broader base of taxation...[2]Bloomberg's Lynch estimates total deductions claimed at $1.3 trillion. Whatever it is, it's a high number.So the idea is that tax rates would drop across the board by about 20% but there would a be a limit to the amount of deductions and credits one could get. The result is that tax rates would be lower for everyone, but rich people would be able to claim fewer deductions. Importantly the rich would still pay the same percentage of total income tax receipts, roughly.It's definitely possible to make the math work out there. The thing to realize is that these are all rough numbers. The total cut might be 20%. It might be 15%. The total cap on deductions might be $25,000, or $35,000. It might only be $17,000, and not $25,000. The more you slice taxes, that reduces revenue. The more you cut the maximum limit for deductions, the more that increases revenue. It's definitely possible to work with these two variables to make it work.Another way to look at this is that those in the top quintile currently pay between 20 and 25% of their income in taxes - and that rate is lower than the marginal rate because of deductions. If you limit their ability to make deductions and lower the rates, the math works and the rich don't get a cut on balance.Some analyses suggest that certain people could pay more under Romney's plan, depending on where his deduction cap is.Rosen’s analysis -- and separate studies by the Tax Policy Center and Martin Feldstein, a Harvard University economist and once a top adviser to President Ronald Reagan -- found that households with more than $100,000 in annual income could pay higher taxes, even with Romney’s promise to “bring taxes down for middle-income people.”[6]Now let's run some numbers for someone making $300,000, assuming a 20% across the board cut and a $25,000 cap on deductions.If someone makes $300,000 and they claimed $100,000 of deductions, their tax burden would in 2021 would be about $48,020[3] If the Romney plan were implemented and only $25,000 of those deductions were elligible, their tax bill would be $72,770, and then if that $72,770 were reduced by 20% that would be $58,216, an increase of $10,000 from what they are paying today.Someone making $300,000 and claiming $50,000 of deductions would pay $64,520 today[3] and would pay $58,216 under the new plan, a decrease of around $6,000.The point here is that people who are taking a lot of deductions would pay more. People making fewer deductions would pay less.The next question is whether this is possible without hurting the middle class. Well, the top quintile of income earners, who make at least $107,000, pay $38,000 in deductions on average, and account for 80% of savings from itemized deductions.[7][8] This demonstrates that first, putting a cap on deductions hurts the rich more than others and second that doing so allows tax rates to be lowered, on balance.The next question is how much money those deduction eliminations would raise. In a world where the AMT was gone and marginal income tax rates were cut 20%, eliminating all deductions would raise about 2 trillion, and limiting deductions to $17,000 would raise $1.7 trillion and a $25,000 cap would raise $1.3 trillion.[7][8] Further the rich would preferentially be affected.With tax rates 20 percent below today’s rates, about 83 percent of the revenue gain in 2021 from a $17,000 cap would fall on the top quintile and about 40 percent on the top 1 percent. Raising the cap to $25,000 would boost those shares to nearly 90 percent on the top quintile and fully half on the top 1 percent. A $50,000 cap would virtually exempt the bottom four quintiles from higher taxes: less than 4 percent of the tax increase would fall on them, while nearly 80 percent would hit the top 1 percent. [8]The point is, it's possible to actually cut tax rates, while limiting deductions so much that actually more tax revenue is collected. It all depends on just how much you choose to limit deductions and how much you choose to cut tax rates.In any event, putting a $17,000 cap on income tax deductions which would raise $1.7 trillion, 83% of which come from the top 20% of income earners.[8] If one assumes that Romney's corporate tax proposals are revenue neutral, and that he repeals Obamacare, the total cost of these proposals could be close to revenue neutral and well under $1 trillion over ten years. Beyond that, he may well have other proposals in mind that he has not yet announced.[1] http://politicalticker.blogs.cnn...[2] http://abcnews.go.com/Politics/O...[3] https://www.calcxml.com/calculat...[4] http://www.foxnews.com/politics/...[5] http://www.mittromney.com/jobsplan[6] http://www.bloomberg.com/news/20...[7] http://taxpolicycenter.org/numbe...[8] http://www.taxpolicycenter.org/n...[9] http://www.npr.org/2012/10/03/16...[10] http://www.npr.org/2012/10/16/16...[11] http://www.taxpolicycenter.org/U...[12] http://www.cbo.gov/sites/default...[13] http://www.cbo.gov/publication/4...[14] http://online.wsj.com/article/SB...[15] http://www.csmonitor.com/USA/DC-...[16] No, ‘Obamacare‡ isn’t ‘the largest tax increase in the history of the world‡ (in one chart)[17] List of countries by future GDP (PPP) estimates
What is the relationship between corporate tax and minimum alternative tax?
First of all, let us try to understand both of them separately and then we will move to relationship between them.Minimum alternate tax or MAT is applicable for Companies and Limited Liability Partnerships (LLPs) wherein the company or LLP is required to pay a minimum tax based on the book profit of the company. Without the concept of MAT, a large number of companies and LLPs were having book profit as per their profit and loss accounts but were not paying any tax since their income computed as per the Income tax act was either, NIL or negative or insignificant. Thus, to regularize such tax payers, the concept of MAT was introduced in India.Corporate tax is regular income tax calculated on income of companies calculated as per Income Tax Act 1961.Any company that pays minimum alternate tax under the MAT clause instead of regular tax, then if the tax paid is more than that accrued, the excess amount is credited back as tax credit to the company. Thus, MAT credit can be understood as the difference between the tax calculated under the general provisions of the Income Tax Act and that calculated under the MAT provisions of the Act. Such excess of tax credit is allowed to be carried forward and set off in the financial year in which the company is liable to pay tax under the general provisions of the Income Tax Act. This MAT credit can be carried forward and set-off for 10 consecutive assessment years succeeding the year in which the tax credit first accrued.I hope, I was helpful.Please feel free to comment.
How do you calculate alternative minimum tax?
As default what ever your cost, multiplied it by 10%.In other countries the default value is 14% until 24% but there is depend on what type of tax we talking about. Is it income tax? or..
How should the Alternative Minimum Tax be reformed?
Abolish it. Either the regular tax system is appropriate, and AMT isn't needed, or it's inappropriate, and needs to be reformed.Most people do their planning using regular tax rules. When they get hit by AMT, it's a "gotcha" tax. Not reasonable or fair. It's stupidly complex, for a number of reasons, but most particularly this: Some of the AMT is real. Some is just a timing difference - it can be carried forward and used to apply against future years' tax. The only good thing about AMT is that it makes more work for tax accountants like me ,)As for making it just apply to the "really" rich? Dumb. The rich deserve the same rules as you and I. In fact, that's one of the anti-1% arguments - that the rich get special treatment. They don't deserve special treatment, neither preferential, nor prejudicial.AMT just adds needless complexity.
How do I fill out a 1120 tax report?
If you are not sophisticated with taxes, DON'T try this form. You can get yourself in a lot of trouble.  Get a good CPA or EA.  The time and effort it will take you to figure this thing out is not worth it. If you value your time at more than the minimum wage, you will save time and money by hiring a professional.
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