Potential tax savings opportunity created by invalidation of AMT book income adjustment regulations.
The Tax Adviser › Vol. 28 Nbr. 1, January 1997
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Summary
Alternative minimum tax
The US District Court in Virginia ruled in CSX Corp. that IRS regulations under IRC section 56(f)(2)(J) were invalid because they failed to identify omissions that could result in adjustments to book income for alternative minimum tax purposes. Section 56 identifies that the IRS must provide a mechanism for adjusting book income to reconcile timing differences between tax and book accounting treatment. The Court found the regulations to be inadequate because they failed to establish the means to adjust for omissions.See the full content of this document
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Potential tax savings opportunity created by invalidation of AMT book income adjustment regulations.
Taxpayers that had items deducted for book purposes before 1987 that were not deductible for tax purposes until after the corporate alternative minimum tax ...
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