American military thought has coined the expression 'Overall Strategic Objective.' When [British] officers first heard this they laughed; but later on its wisdom became apparent and accepted. Evidently this should be the rule, and other great business be set up in subordinate relationship to it.
The AMT was created in 1969 over outrage that 155 high-income households making over $200,000 at that time didn't end up owing any federal income tax. That $200,000 would be worth $1.3 million today.
How to Submit A Question to the AMT Advisor. AMT Preferences. In General. In calculating alternative minimum taxable income (AMTI), in addition to adding back or subtracting AMT adjustment items (Code Sec. 56), under Code Sec. 57, taxpayers must add back certain AMT preference items. The AMT preference items are: Depletion; Excess Intangible drilling costs; Interest on private activity bonds