- 8 - (A) In general.-–No deduction shall be allowed– * * * * * * * (ii) for any taxes described in paragraph (1), (2), or (3) of section 164(a). * * * * * * * (E) Standard deduction and deduction for personal exemptions not allowed.–-The standard deduction under section 63(c), the deduction for personal exemptions under section 151, and the deduction under section 642(b) shall not be allowed. (F) Section 68 not applicable.–-Section 68 shall not apply. When reviewed in its entirety and given full effect, section 56(b) provides for adjustments for taxpayers who either claimed the standard deduction or elected to itemize deductions for regular tax purposes. Since AMTI is determined by making adjustments to regular taxable income, the section 56(b)(1) adjustments correspond to items that were used to determine the taxpayer’s regular taxable income. Thus, if the taxpayer claimed the standard deduction for regular tax purposes, section 56(b)(1)(E) requires an adjustment in arriving at AMTI for the standard deduction amount. Accordingly, if the taxpayer elected to itemize deductions, section 56(b)(1) requires adjustments in arriving at AMTI for certain itemized deductions claimed for regular tax purposes. Further, if the itemized deductions actually claimed for regular tax purposes were limited pursuant to section 68, section 56(b)(1)(F) requires the taxpayer toPage: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 Next
Last modified: May 25, 2011