Definitions
For purposes of this section—
(1) Net minimum tax
(1)Net minimum tax#
(A) In general The term “net minimum tax” means the tax imposed by section 55.
(B) Credit not allowed for exclusion preferences (i) Adjusted net minimum tax The adjusted net minimum tax for any taxable year is— (I) the amount of the net minimum tax for such taxable year, reduced by (II) the amount which would be the net minimum tax for such taxable year if the only adjustments and items of tax preference taken into account were those specified in clause (ii). (ii) Specified items The following are specified in this clause— (I) the adjustments provided for in subsection (b)(1) of section 56, and (II) the items of tax preference described in paragraphs (1), (5), and (7) of section 57(a). (iii) Credit allowable for exclusion preferences of corporations In the case of a corporation— (I) the preceding provisions of this subparagraph shall not apply, and (II) the adjusted net minimum tax for any taxable year is the amount of the net minimum tax for such year.
(1)(A)In general#
The term “net minimum tax” means the tax imposed by section 55.
(1)(B)Credit not allowed for exclusion preferences#
(i) Adjusted net minimum tax The adjusted net minimum tax for any taxable year is— (I) the amount of the net minimum tax for such taxable year, reduced by (II) the amount which would be the net minimum tax for such taxable year if the only adjustments and items of tax preference taken into account were those specified in clause (ii).
(ii) Specified items The following are specified in this clause— (I) the adjustments provided for in subsection (b)(1) of section 56, and (II) the items of tax preference described in paragraphs (1), (5), and (7) of section 57(a).
(iii) Credit allowable for exclusion preferences of corporations In the case of a corporation— (I) the preceding provisions of this subparagraph shall not apply, and (II) the adjusted net minimum tax for any taxable year is the amount of the net minimum tax for such year.
(2)Tentative minimum tax#
The term “tentative minimum tax” has the meaning given to such term by section 55(b).