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.
That's because the AMT is a parallel income tax system. Figuring out whether you're subject to the AMT means calculating your tax liability twice -- once under the rules of the regular income tax code, and once under the AMT rules.You must pay whichever is higher.hat's because the AMT is a parallel income tax system. Figuring out whether you're subject to the AMT means calculating your tax liability twice -- once under the rules of the regular income tax code, and once under the AMT rules. You must pay whichever is higher.