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Treasury and IRS anticipate that forthcoming proposed regulations will be consistent with this interim guidance. The Inflation Reduction Act created the CAMT, which imposes a 15% minimum tax on the adjusted financial statement income (AFSI) of large corporations for taxable years beginning after Dec. 31, 2022.
Beginning in 2023, the United States will apply a 15% corporate alternative minimum tax (CAMT).
For tax years beginning after 2022, Form 4626 is used to determine whether a corporation is an applicable corporation under section 59(k) and to calculate CAMT under section 55 for applicable corporations. Consolidated returns.
About Form 1120, U.S. Corporation Income Tax Return.
To report the income, gains, losses, deductions, credits, and to figure the income tax liability of a corporation. Corporations that elect to be S corporations use Form 1120-S to report income, deductions, gains, losses, etc.
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