Discussion:AMT - small corp exemption

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Discussion Forum Index --> Basic Tax Questions --> AMT - small corp exemption
Discussion Forum Index --> Tax Questions --> AMT - small corp exemption

Natalie (talk|edits) said:

December 16, 2008
New corp client has been around since the early '60s. Gross receipts current year and prior year are about $1.5M. Two questions:


1. Has the small corp. test been $7.5M (excluding the $5M first 3-year period) since 1997?


2. Prior preparer did not create AMT depreciation schedules. Assuming corp qualified as small corporation for all years since 1997, would you bother creating one now? Or wait until corp no longer qualifies as small corp.?

ReadMyLips (talk|edits) said:

16 December 2008
I would definitely start an AMT depreciation schedule going forward; depending on the tpee of assets that the corp has it may be worthwhile to go back a few years as well. But it looks like the $7.5m exception goes back to 1997.

http://www.allbusiness.com/personal-finance/individual-taxes/695292-1.html

Natalie (talk|edits) said:

December 16, 2008
Thanks RML. When I come across old stuff like this, I always like to double check.

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