Appropriate adjustments shall be made in adjusted financial statement income in any case in which an applicable financial statement covers a period other than the taxable year. Proposed regulations that would address the application of the corporate alternative minimum tax, which is imposed on the adjusted financial statement income of certain corporations based on their applicable financial. Below is a summary of information in the preamble to the proposed camt regulations regarding reliance on the proposed regulations and the applicability dates by section.
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The proposed regulations provide definitions and general rules for determining and identifying applicable financial statement income (afsi)
The proposed regulations also address adjustments to afsi under section 56a and certain tax consolidated return issues.
This notice of proposed rulemaking provides proposed regulations that would address the application of the corporate alternative minimum tax, which is imposed on the adjusted financial statement income of certain corporations based on their applicable financial statements for applicable taxable years beginning after 2022.
