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CRS Memo to W&M on Corporate AMT

OCT. 16, 2001

CRS Memo to W&M on Corporate AMT

DATED OCT. 16, 2001
DOCUMENT ATTRIBUTES
  • Authors
    Miles, Barbara
  • Institutional Authors
    Congressional Research Service
  • Cross-Reference
    For prior coverage, see Doc 2001-26702 (3 original pages), 2001 TNT

    204-1, or H&D, Oct. 18, 2001, p. 767.

    For statutory language of H.R. 3090, see Doc 2001-26207 (55 original

    pages), or 2001 TNT 199-20.
  • Code Sections
  • Subject Area/Tax Topics
  • Index Terms
    legislation, tax
    corporations
    AMT
  • Jurisdictions
  • Language
    English
  • Tax Analysts Document Number
    Doc 2001-26906 (2 original pages)
  • Tax Analysts Electronic Citation
    2001 TNT 206-19

                   CONGRESSIONAL RESEARCH SERVICE

 

 

                          October 16, 2001

 

 

MEMORANDUM

 

 

TO: House Ways and Means Committee

 

         Attention: Al Davis

 

 

FROM: Barbara Miles

 

         Specialist in Financial Institutions

 

         Mark Jickling

 

         Specialist in Public Finance

 

         Government and Finance Division

 

 

SUBJECT: Corporate Alternative Minimum Tax for 50 Corporations

 

 

[1] This memorandum is in response to your request for the amount of outstanding corporate alternative minimum tax credits accounted for by the largest 50 corporations. Our preliminary findings are summarized on the table below.

     ALTERNATIVE MINIMUM TAX CREDITS FOR THE LARGEST CORPORATIONS

 

                (as of December 31, 2000 Millions of $)

 

 

                General Motors                $832

 

                General Electric              $671

 

                Enron                         $254

 

                IBM                         $1,424

 

                Kroger                          $9

 

                K-Mart                        $102

 

                USX                            $39

 

                Total (7 corporations)      $3,331

 

 

              Corporations with intermediate AMT Credits

 

 

                Ford Motor           "A substantial portion" of $2,329

 

                Chevron              "AMT and other credits" . . .$314

 

 

      Source: SEC 10K filings and annual reports reflecting end of

 

 year 2000.

 

 

[2] The companies chosen were taken from the Fortune 500 list and are arrayed in order of size of revenues. We surveyed financial statements of the top 50 corporations on the list. Only seven unambiguously showed AMT carry-forward amounts. There are other corporations that show tax credits and carry-forwards, but do not specify-the sources of the amounts. In the case of Ford Motor, the 10K statement specifies that a substantial portion of the amount shown consists of indefinite carry-forwards, which would imply the AMT.

[3] If you need further assistance, please contact either of us or Gary Shorter, who also worked on this project, on 7-7804 or 7-7772.

DOCUMENT ATTRIBUTES
  • Authors
    Miles, Barbara
  • Institutional Authors
    Congressional Research Service
  • Cross-Reference
    For prior coverage, see Doc 2001-26702 (3 original pages), 2001 TNT

    204-1, or H&D, Oct. 18, 2001, p. 767.

    For statutory language of H.R. 3090, see Doc 2001-26207 (55 original

    pages), or 2001 TNT 199-20.
  • Code Sections
  • Subject Area/Tax Topics
  • Index Terms
    legislation, tax
    corporations
    AMT
  • Jurisdictions
  • Language
    English
  • Tax Analysts Document Number
    Doc 2001-26906 (2 original pages)
  • Tax Analysts Electronic Citation
    2001 TNT 206-19
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