Examlex
Factor:
AMT Purposes
Refers to the specific calculations and adjustments applied to determine the Alternative Minimum Tax owed by an individual or corporation.
Standard Deduction
A fixed dollar amount that reduces the income on which you are taxed, varying by filing status, and used instead of itemizing deductions.
Positive Adjustment
An increase in the amount of reported income or expense, resulting in a higher taxable income.
AMTI
Alternative Minimum Taxable Income, which is calculated to ensure that taxpayers with large amounts of deductions, exemptions, and exclusions still pay a minimum amount of tax.
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