When an entity is responsible for paying the alternative minimum tax (AMT) due to adjustments related to
Question:
When an entity is responsible for paying the alternative minimum tax (AMT) due to adjustments related to the timing of income recognition, such as including the excess of market value over option price upon the exercise of qualified stock options for AMT purposes, but not until the shares are sold for regular tax purposes, how might that excess tax be recovered?
a. File a claim for a refund in the year paid.
b. Carry forward to offset against a future AMT liability only.
c. Carry forward to offset against future AMT or regular tax liabilities.
d. Carry forward to offset against a future regular tax liability only.
Step by Step Answer:
South Western Federal Taxation Individual Income Taxes 2017
ISBN: 9781305873988
40th Edition
Authors: William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young, Nellen