The Corporate AMT: Are the Issues Insurmountable?
The following reports, The Corporate AMT: Are the Issues Insurmountable?, Parts 1 and 2, originally appeared in the January 16, 2023 and January 23, 2023 issues of Tax Notes Federal, published by Tax Analysts.
Authors: Jerred G. Blanchard Jr. is of counsel with McDermott Will & Emery, Jeff Maydew is a tax partner at McDermott, Daniel Newton is a tax partner at BDO, and Meaghan A. Wolfe is a tax partner at McDermott.
In these reports, the authors examine the provisions of the new book minimum tax and compare them with those of its short-lived sole predecessor, the book income adjustment enacted in 1986. They note issues that can be resolved through guidance, at least in part, and those for which the only remedy is repeal of the new tax. Download parts 1 and 2 of the report below to learn:
- Brief History of the BMT
- The 1986 Corporate AMT
- Why the BURP Adjustment Didn’t Last
- Repeal of the 1986 AMT in 2017
- The Rebirth of the BMT in 2022
- Financial Reporting vs. Regular Tax
- Summary of IRA BMT Provisions
- The 2002 Rebirth of the BMT
- Summary of IRA BMT Provisions
- Guidance Under the IRA BMT
- Closing Thoughts
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