AMT affected by various new provisions

Article Abstract:

The Taxpayer Relief Act of 1997 (TRA '97) introduces significant changes to the alternative minimum tax (AMT) rules. Some of the provisions are beneficial to businesses, including the relaxation of the treatment of the AMT depreciation adjustment and the AMT exemption given to all qualified small corporations. The new legislation recognizes business entities as 'small corporations' based on the taxpayers' gross receipts for their next tax year and their compliance with the $5 million gross receipts requirement that applies under Sec 448(c). TRA '97 also has significant consequences for individual taxpayers. Many of them, particularly those taking new regular tax credits, will be subject to the AMT rules for the first time. For tax consultants, the new tax law poses a serious challenge because of its length and complexity.

Tax Law, Public Finance Activities, Minimum tax

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The sale-for-resale exemption can lower state taxes

Article Abstract:

The sale-for-resale exemption provision can substantially lower tax costs. Determining whether a wholesale transaction qualifies for such an exemption depends on several factors, notably: a state's definition of a sale under its sales tax statute, the exemptions provided for sales of goods and services, and the case law that interprets transactions not specifically covered by the statute. A key step is to examine whether the good or service was altered considerably between sale and resale.

Sales tax, State taxation, Use tax, Use taxes

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Personal exemption phaseout complicates 1988 tax tables for every filing status

Article Abstract:

The Tax Reform Act of 1986 has effectively created a third tax bracket by phasing out personal exemptions and the 15 percent bracket. This will in turn affect the 1988 tax tables for each income tax filing status. Rate tables are presented that account for the 15 percent phaseout and for the most common variations in personal exemptions.

Analysis, Tax rates

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