tax preference items

tax preference items
Certain items which must be considered in calculating a taxpayer's alternative minimum Such items are deducted in arriving at taxable income for regular tax purposes, and added back in arriving at taxable income for alternative minimum tax purposes. I.R.C. No. 55-68.

Black's law dictionary. . 1990.

Look at other dictionaries:

  • tax-preference items — n. Those articles that, even though taken as deductions or credits on one s tax return, must nonetheless be considered when computing the taxpayer s alternative minimum tax. Webster s New World Law Dictionary. Susan Ellis Wild. 2000 …   Law dictionary

  • Tax Preference Item — A type of income, normally tax free, that may trigger the alternative minimum tax (AMT) for taxpayers. Tax preference items include private activity municipal bond interest, the qualifying exclusion for small business stock and excess intangible… …   Investment dictionary

  • tax preference item — Items that must be included when calculating the alternative minimum tax. Bloomberg Financial Dictionary …   Financial and business terms

  • Alternative Minimum Tax — (AMT) is part of the Federal income tax system of the United States. There is an AMT for those who owe personal income tax, and another for corporations owing corporate income tax. Only the AMT for those owing personal income tax is described… …   Wikipedia

  • Economic Growth and Tax Relief Reconciliation Act of 2001 — The Economic Growth and Tax Relief Reconciliation Act of 2001 (USPL|107|16, USStat|115|38, June 72001), was a sweeping piece of tax legislation in the United States. It is commonly known by its abbreviation EGTRRA, often pronounced egg tra or egg …   Wikipedia

  • Alternative Minimum Tax - AMT — A tax calculation that adds certain tax preference items back into adjusted gross income. Alternative minimum tax (AMT) uses a separate set of rules to calculate taxable income after allowed deductions. Preferential deductions are added back, and …   Investment dictionary

  • tentative minimum tax — ten·ta·tive minimum tax / ten tə tiv / n: a tax that to the extent it exceeds regular tax liability is the alternative minimum tax liability and that is determined by adjusting taxable income by adding tax preference items under Internal Revenue… …   Law dictionary

  • Alternative Minimum Tax — ( AMT) A federal tax aimed at ensuring that wealthy individuals, estates, trusts, and corporations pay a minimal level income tax. For individuals, the AMT is calculated by adding adjusted gross income to tax preference items. Bloomberg Financial …   Financial and business terms

  • alternative minimum tax — n: a federal tax that prevents a person or entity (as a corporation) with taxable income from avoiding tax liability and that imposes tax liability in the amount of the excess of the tentative minimum tax over regular tax liability see also tax… …   Law dictionary

  • Taxation in the United States — is a complex system which may involve payment to at least four different levels of government and many methods of taxation. United States taxation includes local government, possibly including one or more of municipal, township, district and… …   Wikipedia