#1
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Deferred AMT credit
Deferred Alternative Minimum Tax law changed. The Company is in the process of filing a refundable credit for 2018. How should the credit be treated for Statutory reporting ? as current or deferred receivable? At what point in time do we recognize the current receivable and what time is it admitted?
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#2
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Utilization of Alternative Minimum Tax Credits should be recorded through current income tax expense/benefit. The portion of AMT credit carryforward recognized in the 2018 tax return should reduce the cumulative AMT carryforward amount recorded in deferred taxes.
The 2018 AMT credit amount should be accrued and recognized as a current income tax recoverable and admitted when recorded. |
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