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(B) the alternative minimum tax foreign
tax credit for the taxable year.
(2) Alternative Minimum Taxable Income.--The
term "alternative minimum taxable income" means the
taxable income of the taxpayer for the taxable year--
(A) determined with the adjustments
provided in section 56 and section 58, and
(B) increased by the amount of the
items of tax preference described in section
57.
If a taxpayer is subject to the regular tax, such taxpayer
shall be subject to the tax imposed by this section (and, if
the regular tax is determined by reference to an amount
other than taxable income, such amount shall be treated as
the taxable income of such taxpayer for purposes of the
preceding sentence).
(c) Regular Tax.--
(1) In general.--For purposes of this
section, the term "regular tax" means the regular tax
liability for the taxable year (as defined in section
26(b)) reduced by the foreign tax credit allowable under
section 27(a) and the section 936 credit allowable under
section 27(b). Such term shall not include any tax
imposed by section 402(e) and shall not include any
increase in tax under section 47 or subsection (j) or
(k) of section 42.
(2) Cross references.--
For provisions providing that certain credits
are not allowable against the tax imposed by this
section, see sections 26(a), 28(d)(2), 29(b)(5), and
38(c).
(d) Exemption Amount.--For purposes of this section--
(1) Exemption amount for taxpayers other than
corporations.--In the case of a taxpayer other than a
corporation, the term "exemption amount" means--
(A) $40,000 in the case of --
(i) a joint return, or
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