PUBLIC LAW 99-514—OCT. 22, 1986
100 STAT. 2321
"Sec. 57. Items of tax preference. "Sec. 58. E)enial of certain losses. "Sec. 59 Other definitions and special rules "SEC. 55. ALTERNATIVE MINIMUM TAX IMPOSED.
"(a) GENERAL RULE.—There is hereby imposed (in addition to any other tax imposed by this subtitle) a tax equal to the excess (if any) of"(1) the tentative minimum tax for the taxable year, over "(2) the regular tax for the taxable year. "(b) TENTATIVE MINIMUM TAX.—For purposes of this part—
- (1) IN GENERAL.—The tentative minimum tax for the taxable
year is— "(A) 20 percent (21 percent in the case of a taxpayer other than a corporation) of so much of the alternative minimum taxable income for the taxable year as exceeds the exemption amount, reduced by "(B) the alternative minimum tax foreign tax credit for the taxable year. "(2) ALTERNATIVE MINIMUM TAXABLE INCOME.—The term 'alternative minimum taxable income* means the taxable income of the taxpayer for the taxable year— "(A) determined with the adjustments provided in section 56 and section 58, and "(B) increased by the amount of the items of tax preference described in section 57. "(c) REGULAR TAX.—
"(1) IN GENERAL.—For purposes of this section, the term 'regular tax' means the regular tax liability for the taxable year (as defined in section 26(b)) reduced by the foreign tax credit allowable under section 27(a). Such term shall not include any tax imposed by section 402(e) and shall not include any increase in tax under section 47.
"(d)
"(2) CROSS REFERENCES.— "For provisions providing that certain credits are not allowable against the tax imposed by this section, see sections 26(a), 28(d)(2), 29(b)(5), and 38(c). EXEMPTION AMOUNT.—For purposes of this section— "(1) EXEMPTION AMOUNT FOR TAXPAYERS OTHER THAN CORPORA-
TIONS.—In the case of a taxpayer other than a corporation, the term 'exemption amount' means— "(A) $40,000 in the case of— "(i) a joint return, or "(ii) a surviving spouse, "(B) $30,000 in the case of an individual who— "(i) is not a married individual, and "(ii) is not a surviving spouse, and "(C) $20,000 in the case of— "(i) a married individual who files a separate return, or "(ii) an estate or trust. For purposes of this paragraph, the term 'surviving spouse' has the meaning given to such term by section 2(a), and marital status shall be determined under section 7703. "(2) CORPORATIONS.—In the case of a corporation, the term 'exemption amount' means $40,000.
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