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The calculation of alternative minimum tax (AMT):A. begins wit... | Filo
The calculation of alternative minimum tax (AMT):A. begins wit... | Filo
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🤔 What are some of the tax implications of selling a business or property? 🥴 Terms like recapture, capital cost allowance, Alternative Minimum Tax, and asset sale may be unfamiliar, but they affect the net amount received. 🫣 Alternative Minimum Tax (AMT)- A secondary formula that the CRA uses to reduce the tax benefits of capital gains and dividends. If you do have to pay it, you may be able to offset tax in the future (it can be carried forward 7 years). 🤩 Capital Cost Allowance (CCA) - An
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🤔 What are some of the tax implications of selling a business or property? 🥴 Terms like recapture, capital cost allowance, Alternative Minimum Tax, and asset sale may be unfamiliar, but they affect the net amount received. 🫣 Alternative Minimum Tax (AMT)- A secondary formula that the CRA uses to reduce the tax benefits of capital gains and dividends. If you do have to pay it, you may be able to offset tax in the future (it can be carried forward 7 years). 🤩 Capital Cost Allowance (CCA) - An
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