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Printable Form Instruction 56 High Point North Carolina: What You Should Know

Alternative Minimum Tax The AMT for individuals is assessed by the United States as an excess tax on property, income, and profits. Tax law provides that there is no basis tax on capital gain when the taxpayer acquires capital property. Capital gain is realized by acquiring a capital property. The AMT applies to all types of assets, including stocks, bonds, and other stock or capital held for sale.  Capital asset is any tangible or intangible real, personal, or mixed- ownership share in a corporation; (such as stock in a limited partnership); or in which a taxpayer holds any capital interest or other benefit. Income is taxable each year regardless of how long a taxpayer has held the asset. Loss is the change in value in the hands of the taxpayer After a taxpayer sells an asset during a calendar year, a gain or loss on the sale is reported in the  Tax law considers several factors in determining whether the change in  Capital Gains and Losses capital gain or gain in the hands of a taxpayer that are realized by him are subject to the AMT.

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