Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

AMT

Read a random definition: COVID-19 Resources

A quick definition of AMT:

Term: AMT

Definition: AMT stands for Alternative Minimum Tax. It is a way of calculating how much tax someone should pay based on their income and certain deductions. The AMT makes sure that even if someone gets special tax breaks, they still have to pay a minimum amount of tax if they earn a lot of money.

A more thorough explanation:

Definition: AMT stands for Alternative Minimum Tax. It is a way of calculating taxable income after certain deductions and tax preferences are taken into account. The purpose of AMT is to ensure that high-income individuals and entities pay a minimum amount of income tax, regardless of any tax breaks they may receive.

For example, let's say a wealthy individual has a lot of deductions and tax credits that reduce their taxable income to a very low amount. Without AMT, they might end up paying little or no income tax. However, with AMT, they would still have to pay a minimum amount of tax, even if it means losing some of their deductions and credits.

Another example would be a corporation that has a lot of tax breaks and loopholes that allow them to reduce their taxable income. AMT would ensure that they still pay a minimum amount of tax, even if it means losing some of those tax breaks.

amount in controversy | ancestor

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
LSD+ is ad-free, with DMs, discounts, case briefs & more.