IRS Publishes Notice on Additional Interim Guidance for Corporate Alternative Minimum Tax

The IRS has published a notice providing additional interim guidance for the corporate alternative minimum tax, expanding adjusted financial statement income (AFSI) adjustments for various business expenses and transactions. The notice allows CAMT entities to adjust AFSI for deductible tax repairs with respect to I.R.C. §168 property, amortization under I.R.C. §197 for goodwill and certain other intangibles, domestic research and experimental expenditures during the transition to I.R.C. §174A, qualified production costs under I.R.C. §181, and eligible materials and supplies. The guidance modifies previous notices by expanding the scope of eligible intangibles beyond goodwill to include other I.R.C. §197 intangibles that ...