Entitled to credit against their regular tax liabilities

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Reference no: EM131804424

Individuals who incur an alternative minimum tax liability attributable to timing differences are entitled to a credit against their regular tax liabilities incurred in future years, and gives a brief conceptual description of how the credit is computed.

What form is used to compute the amount of the credit earned by an individual for a taxable year?

What is the formula used on that form to compute the amount of the credit earned? Describe in enough detail so that the reader can understand what the form is intended to accomplish.

According to the IRS forms, what items are considered to be permanent differences between regular taxable income and alternative minimum taxable income, so that AMT attributable to those items does not produce the credit? List these items and describe them in detail.

Please answer each question in complete sentences, and cite name and number of the IRS publication or form/instruction where you found each answer, and the page number on which the answer is found.

Reference no: EM131804424

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