- 34 -
rulings, Tech. Adv. Mem. 93-20-003 (May 21, 1993) and Priv. Let.
Rul. 93-21-063 (May 28, 1993), before exercising this authority,
that these rulings concluded that, for AMT purposes, the relevant
taxpayers must make a separate computation of adjusted gross
income in order to ascertain the charitable contribution
limitation under section 170(b)(1), and that the Commissioner
effectively overruled those rulings through the issuance of
section 1.55-1(b), Income Tax Regs.
We read nothing in section 1.55-1, Income Tax Regs., that is
inconsistent with our opinion herein. That section provides:
SEC. 1.55-1. Alternative minimum taxable income.--(a)
General rule for computing alternative minimum taxable
income. Except as otherwise provided by statute,
regulations, or other published guidance issued by the
Commissioner, all Internal Revenue Code provisions that
apply in determining the regular taxable income of a
taxpayer also apply in determining the alternative
minimum taxable income of the taxpayer.
(b) Items based on adjusted gross income or
modified adjusted gross income. In determining the
alternative minimum taxable income of a taxpayer other
than a corporation, all references to the taxpayer’s
adjusted gross income or modified adjusted gross income
in determining the amount of items of income,
exclusion, or deduction must be treated as references
to the taxpayer’s adjusted gross income or modified
adjusted gross income as determined for regular tax
purposes.
(c) Effective date. These regulations are
effective for taxable years beginning after December
31, 1993.
Petitioners’ final argument is that the Court will frustrate
congressional intent by not allowing them to deduct Foods’ full
Page: Previous 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 NextLast modified: May 25, 2011