Page 329 - Small Business IRS Training Guides

Prior Law

TCJA eliminated the corporate alternative minimum tax (AMT) under IRC section 55. Before its repeal, a corporate

taxpayer that was subject to the AMT was entitled to indefinitely carry forward the AMT taxes paid as minimum tax credits
(AMT credit) and utilize the AMT credit against regular tax liabilities in future years.

Practice Exercise 1

A corporation with tax year ending December 31, 2018, claims a credit of 100 percent of the prior year minimum tax
liability on their tax return. The corporation is eligible to claim 100 percent of their prior year minimum tax liability.

Check True or False.

 True  False

73233-102 12002-3 Tax Cuts and Jobs Act