alternative minimum taxable income

  • The base of the alternative minimum tax. The calculation begins with regular taxable income reduced by income that qualified for the possessions tax credit, plus or minus adjustments as prescribed in determining the AMT, plus items of preference and less an applicable adjustment amount.

    Internal Revenue Service 1

1Internal Revenue Service, Internal Revenue Manual 4.42.6 Glossary, http://­www.irs.gov/­irm/­part4/­irm_04-042-006.html (last accessed Dec. 22, 2009).