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[Editor's note: The following excerpts provide useful additional information on the Tax Increase Prevention and Reconciliation Act of 2005, signed into law on May 17, 2006. These tips nicely complement the coverage in this edition's tax update article by Ron Seigneur.]
More About the AMT
The Alternative Minimum Tax (AMT) system does not allow several of the itemized tax deductions allowable under the regular tax system ' such as state, local and property tax or most miscellaneous deductions. In addition, some deductions, such as medical expenses, are subject to different income limitations based on an individual's adjusted gross income. The AMT also taxes various tax preference items, such as tax-exempt municipal bond interest associated with 'private activity' bonds that are not taxed under the regular tax system. Finally, there are timing differences that are includable at different times under each tax system. An example of a timing difference is depreciation taken on business property.
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