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Alternative minimum tax 2023-2024 corporations Form: What You Should Know

Instructions for Form 951 (Shareholder Returns) — Tax Table See Form 951 (Shareholder Returns). 2017 Instructions for Form 951 (Shareholder Returns) Alternative Minimum Tax Deduction for Shareholders of C corporations who (1) are U.S. citizens or individuals who resided in the U.S. for most of the tax year (this is known as a primary taxpayer and pays the Alternative Minimum Tax to the IRS) or (2) own the C corporation.  For this year, the limit on the alternative minimum tax is reduced by 3,000 (2,000 less 5,000)  Tax on Passive Foreign Income —  The alternative minimum tax does not apply to passive foreign investment company dividends. The alternative minimum tax does not apply to passive foreign investment company dividends. If you have a passive foreign investment company (PFC) or a non-price foreign corporation, you must withhold the tax from your gross income as if all of your income from the corporation were from U.S. sources, and make estimated payments of tax and interest to the IRS by April 15 of the tax year to offset the amount of taxable income from the PFC or to pay the taxes due and to reduce any remaining balance owing. To avoid paying additional tax, these payments are not made until April 15 of the following year. You must submit Schedule 951, Non-Proxy Statement for the Taxable Year, and furnish Form 951 to the IRS. The PFC or the non-price foreign corporation must request to be treated as a foreign corporation. The PFC or the non-price foreign corporation should send Form 951 and Form 951-SA if it would be a qualified PFC or foreign corporation. The information on Form 951, if your PFC or the foreign corporation is a qualified PFC, must show that it is active, a C corporation and resident in the U.S. If your PFC or the foreign corporation is a non-price foreign corporation, it will generally be treated as a U.S.-based foreign person, but not as a U.S. resident. Therefore, it will be subject to the same AMT rules and filing requirements as any resident or nonresident corporation.

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