Alternative Minimum Tax - Individual

Publisher
WiseGuides, Inc.
2796 Greenspire Ln
Akron, Oh 44333
Copyright © 2010

Field of Study: Taxes
Level: Basic
Recommended CPE Credit 3 hours
Prerequisites: None
Advanced Preparation: None
Type of Delivery: Self-Study
Expiration: Course expires 1 year after purchase
Course Update: June, 2010
Accreditation: NASBA, IRS, CTEC, OTPB
Guarantee/Complaint Resolution

Course Outline


Lesson 1 - Alternative Minimum Tax Overview
Learning Objectives 1
Individual AMT - Course Introduction
Alternative minimum tax defined
Who must file AMT
Partners, shareholders and beneficiaries
Recordkeeping
AMT Changes


Lesson 2 - AMT Adjustments
Learning Objectives 2
AMT Adjustments
Standard Deduction
Personal exemption amount
Itemized Deductions
Medical Deduction
Taxes
Home Mortgage Interest
Miscellaneous Itemized Deductions
Other Miscellaneous Expenses
Moving Expense
Refund of Taxes
Investment interest expense


Lesson 3 - AMT Adjustments - (continued)
Learning Objectives 3
Passive Activity
Incentive Stock Option (ISO)
Accelerated Depreciation on Post-1986 Property
Adjusted gain or loss


Lesson 4 - AMT Preference items
Learning Objectives 4
AMT Preferences
Tax-exempt interest
Charitable contributions
Qualified Small Business Stock
Depreciation for property placed in service before 1987
Pre-1987 real property
Leased personal property


Lesson 5 - Calculating AMT Tax Liability
Learning Objectives 5
Calculation of AMTI
AMT Exemption amount
Tentative minimum tax
AMT tax liability
AMT Kiddie tax
Limit on exemption amount
Child's Earned Income


Lesson 6 - AMT interaction with tax credits
Learning Objectives 6
Income tax credits can be reduced
Form 8801

Course Objectives

Lesson - 1
After completing Lesson 1, you will be able to:
  • Identify which items trigger the AMT causing the taxpayer to file Form 6251
    • How to get a "quick-study" overview of the course material:
  • Pay particular attention to paragraphs marked by the Wiseguy. He'll guide you to key issues.

Lesson - 2
After completing Lesson 2, you will be able to:
  • Identify the adjustments necessary to calculate the alternative minimum taxable income
  • Identify for AMT purposes an eligible mortgage of a qualified dwelling
  • Figure the adjustment for AMT purposes using items from the Schedule A, Form 1040
Lesson - 3
After completing Lesson 3, you will be able to:
  • Determine how to treat the exercise of an incentive stock option for purposes of the AMT
  • Figure the AMT depreciation adjustment
  • Define "adjusted gain or loss" for AMT purposes
Lesson - 4
After completing Lesson 4, you will be able to:
  • Identify AMT preference items for individual taxpayers
Lesson - 5
After completing Lesson 5, you will be able to:
  • Calculate the AMTI
  • Calculate the AMT exemption amount
  • Determine the AMT exemption amount for a child under age 18
Lesson - 6
After completing Lesson 6, you will be able to:
  • Identify what personal credits are allowed against the AMT