- 16 - deduction).”7 Sec. 63(a) (emphasis added). We conclude on the basis of our plain reading of the unambiguous text of sections 55 and 63(a) that a computation of AMTI requires that a taxpayer first compute its taxable income and then alter that amount (by way of an adjustment or an increase) to reflect the items described in the remainder of pt. VI, subch. A, ch. 1, subtit. A (part VI).8 In fact, notwithstanding respondent’s invitation to the Court to conclude that AMTI is calculated de novo, and without regard to any calculation made for regular tax purposes, our conclusion is on all fours with the manner in which respondent requires taxpayers to report their calculations of AMTI for Federal income tax purposes. See, e.g., Form 4626, 7 Congress provided the sole exception to this rule in sec. 63(b). See sec. 63(a). Section 63(b) provides: (b) Individuals Who Do Not Itemize Their Deductions.--In the case of an individual who does not elect to itemize his deductions for the taxable year, for purposes of this subtitle, the term “taxable income” means adjusted gross income, minus-- (1) the standard deduction, and (2) the deduction for personal exemptions provided in section 151. 8 Part VI includes five sections, numbered and titled as follows: SEC. 55. Alternative Minimum Tax Imposed; SEC. 56. Adjustments in Computing Alternative Minimum Taxable Income; SEC. 57. Items of Tax Preference; SEC. 58. Denial of Certain Losses; and SEC. 59. Other Definitions and Special Rules.Page: Previous 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Next
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