Taxpayer precluded from itemizing deductions for AMT.(alternative minimum tax, Tax Court summary opinion in Marx v. Commissioner)

Congress enacted the alternative minimum tax (AMT) provisions found in IRC sections 55 to 59 to establish a floor so individuals would pay some tax regardless of the exclusions, deductions and credits otherwise available to them under the regular income tax statutes. The AMT provisions accomplish this goal by eliminating the favorable treatment the regular income tax gives to certain items. The AMT applies only if, and to the extent that, the "tentative minimum tax" exceeds the taxpayer's "regular tax."

An election to claim the standard deduction or to itemize deductions is binding for both regular taxable income and alternative minimum taxable income (AMTI). CPAs can help taxpayers weigh the benefit …