¹The AICPA Tax Division, in its Comments on H.R. 5166, Tax Simplification Act of 2002 (12/5/02), recommended repeal of both the individual and the corporate AMT; see www.cpa2biz.com/ ResourceCenters/Tax/Legislative%2c+Administrative%2c+Judicial/
portman.htm, Title I, Sec. 101.

²Treasury estimates that there were 1.8 million individual taxpayers paying AMT in 2001 and predicts there will be 36 million in 2010, due mainly to the lack of an inflation adjustment for the AMT exemption.

³Detailed cost recovery computations and related gain/loss computations on the sale of the cement mixers are available by emailing cherie.oneil@business.colostate.edu.

⁴Under Sec. 6655 and Rev. Rul. 92-54, 1992-2 CB 320, the company may not rely on the prior-year estimated tax safe harbor if the tax liability is zero; this may be a trap for the unwary.