The U.S. IRS has released an international practice unit on How to Compute the AMT FTC for individuals. The process overview provided in the practice unit is as follows:
The Alternative Minimum Tax (AMT), is an additional tax that may apply to certain taxpayers who have certain types of income that receive favorable tax treatment, or who qualify for certain deductions. These tax benefits can significantly reduce the “regular” taxes of some taxpayers who have higher economic income. Therefor…