ALTERNATIVE MINIMUM TAX Definition

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ALTERNATIVE MINIMUM TAX (AMT) is an alternative tax which includes certain tax preference items that are added back into adjusted gross income. If higher than the regular tax, then the regular tax plus the amount by which AMT exceeds the regular tax is paid.

Learn new Accounting Terms

SALES INVOICE is a document that records the sale of goods or services from a vendor to a customer.

GENERAL PARTNERSHIP is one or more partners who are jointly and severally responsible or liable for the debts of the partnership.

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