Family Office Definition: Alternative Minimum Tax
Alternative Minimum Tax definition: Alternative Minimum Tax (AMT) is enforced to ensure high income individuals do not avoid paying at least a minimum amount of taxes. Certain tax breaks, deductions, and credits are added back to calculate an alternative tax that is presumably higher than the person would otherwise pay. AMT applies to taxable estates, trusts, individuals, and corporations (only small corporations are exempt). The AMT exemption or hurdle amount is controversial because it is not automatically adjusted for inflation and often includes more upper-middle class taxpayers.
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