The alternative minimum tax is a parallel calculation that adds back certain deductions and preferences and applies its own rates and exemption; you pay the higher of regular tax or AMT.
The most common trigger for founders and employees is exercising incentive stock options: the spread at exercise is an AMT preference even though no regular income is recognized. Large state tax deductions and certain private activity bond interest are others.
AMT paid on ISO exercises generates a credit that can be recovered in later years, but only if tracked. Equity compensation.
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Definitions are general information, not legal advice, and may not reflect the most recent changes in law.
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