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.
These items are added back to your taxable income, and then the resulting amount is reduced by the AMT exemption. The AMT income exemption amounts for 2014 tax returns are $82,100 for joint filers and $52,800 for single filers.