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.
3. Under the AMT, a portion of your income may be exempt from tax. For the 2013 tax year, the exemption amounts will be $80,800 for married joint filers and $51,900 for unmarried individuals, but the exemption is subject to phase-out based on income. If you have certain private activity bonds that are not exempt from the AMT, they pay a slightly higher rate of interest to compensate for the lack of exemption. 2  Therefore, if you are subject to the AMT, you'll have to include interest from these bonds as part of your taxable income.