92 STAT. 2872 26 USC 55.
26 USC 667.
26 USC 57.
26 USC 72, 402, 408, 667. 26 USC 31. 26 USC 31, 39,
26 USC 31. 26 USC 33.
PUBLIC LAW 95-600—NOV. 6, 1978 "SEC. 55. ALTERNATIVE MINIMUM TAX FOR TAXPAYERS OTHER THAN CORPORATIONS.
"(a) ALTERNATIVE MINIMUM TAX IMPOSED.—In the case of a taxpayer other than a corporation, if— "(1) an amount equal to the sum of— "(A) 10 percent of so much of the alternative minimum tsixable income as exceeds $20,000 but does not exceed $60,000 plus "(B) 20 percent of so much of the alternative minimum taxable income as exceeds $60,000 but does not exceed $100,000, plus "(C) 25 percent of so much of the alternative minimum taxable income as exceeds $100,000, exceeds "(2) the regular tax for the taxable year, then there is imposed (in addition to all other taxes imposed by this title) a tax equal to the amount of such excess. "(b) DEFINITIONS.—For purposes of this section— "(1) ALTERNATIVE MINIMUM TAXABLE INCOME.—The term 'alternative minimum taxable income' means gross income— "(A) reduced by the sum of the deductions allowed for the taxable year, "(B) reduced by the sum of any amounts included in income under section 667, and "(C) increased by an amount equal to the sum of the tax preference items for— "(i) adjusted itemized deductions (within the meaning of section 57(a)(1)), and "(ii) capital gains (within the meaning of section 57(a)(9)). "(2) REGULAR TAX,—The term 'regular tax' means the taxes imposed by this chapter for the taxable year (computed without regard to this section and without regard to the taxes imposed by sections 72(m)(5)(B), 402(e), 408(f), and 667(b)) reduced by the sum of the credits allowable under subpart A of part IV of this subchapter (other than under sections 31,39 and 43). «(C)CREDITS."(1) CREDITS OTHER THAN THE FOREIGN TAX CREDIT NOT ALLOW-
ABLE.—For purposes of determining the amount of any credit allowable under subpart A of part IV of this subchapter (other than the foreign tax credit allowed under section 33(a)), the tax imposed by this section shall not be treated as a tax imposed by this chapter. "(2) FOREIGN TAX CREDIT ALLOWED AGAINST ALTERNATIVE MINI-
26 USC 901, 903-908.
26 USC 33. 26 USC 904. 26 USC 56.
MUM TAX.—The total amount of the foreign tax credit which can be taken against the tax imposed by subsection (a) shall be determined under section 901 and sections 903 through 908. For purposes of this determination— "(A) the amount of taxes paid or accrued to foreign countries or possessions of the United States in the taxable year shall be deemed to include an amount equal to the lesser of (i) the foreign tax credit allowed under section 33(a) in computing the regular tax for the taxable year, or (ii) the tax imposed under subsection (a); "(B) the limitation of section 904(a) shall be an amount equal to the same proportion of the sum of the tax imposed by this section against which such credit is taken and the regular tax (excluding the tax imposed by section 56) which
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