Book Untaxed Reported Profits

Book Untaxed Reported Profits

Book Untaxed Reported Profits means:
an adjustment to corporate alternative minimum taxable income (AMTI) for years beginning before 1990. The adjustment was one-half the amount by which the taxpayer's adjusted net book income exceeded AMTI.

Adjusted net book income is financial statement income adjusted for items such as:

• income taxes.

• differences between financial and tax-year ends.

• consolidation with other corporations.

• dividends from related corporations.

Net book income is the amount the corporation reported on its financial statement (whether or not audited) and includes tax-exempt income.

See the entries Income Tax and State Income Tax in the American Encyclopedia of Law.

See Dividend in the American Legal Encyclopedia and Dividend in the World Legal Encyclopedia.


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