Roughly speaking, the credit amount is the difference between the AMT computed with and without the deferral item of preference. If you were unfortunate enough to have been affected by the alternative minimum tax (AMT) in a prior year, then you may have a carryover of an unused minimum tax credit.
Freebase(1.00 / 1 vote)Rate this definition: Vulgarity is the quality of being common, coarse, or unrefined. This judgement may refer to language, visual art, social classes, or social climbers.
fatuity, fatuousness, silliness, absurdity - a ludicrous folly; the crowd laughed at the absurdity of the clown's behavior. asininity - the quality of being asinine; stupidity combined with stubbornness. wisdom, wiseness - the trait of utilizing knowledge and experience with common sense and insight.