ITAX Individual Tax Issues R14-160X

Name the adjustments for the alternative minimum tax (AMT) calculation.

  • The standard deduction.
  • State and local tax deductions, if itemized.
  • Compensation expense from incentive stock options.
  • Percentage of completion versus the completed contract method.
  • Adjustment from 200% to 150% declining balance method, for 3-year to 10-year properties.