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(II) 28 percent of
so much of the taxable excess as
exceeds $175,000.
The amount determined under the
preceding sentence shall be reduced
by the alternative minimum tax
foreign tax credit for the taxable
year.
(ii) Taxable excess.--For
purposes of this subsection, the
term “taxable excess” means so much
of the alternative minimum taxable
income for the taxable year as
exceeds the exemption amount.
(iii) Married individual
filing separate return.--In the
case of a married individual filing
a separate return, clause (i) shall
be applied by substituting
“$87,500” for “$175,000” each place
it appears. For purposes of the
preceding sentence, marital status
shall be determined under section
7703.
(B) Corporations.--In the case
of a corporation, the tentative
minimum tax for the taxable year
is--
(i) 20 percent of so much
of the alternative minimum taxable
income for the taxable year as
exceeds the exemption amount,
reduced by
(ii) 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--
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