IRS Prop. Reg.: Corporate AMT Applicable After 2022 Pursuant to Inflation Reduction Act (IRC §56A)

Proposed regulations that would address the application of the corporate alternative minimum tax, which is imposed on the adjusted financial statement income of certain corporations based on their applicable financial statements for applicable taxable years beginning after 2022 under the Inflation Reduction Act of 2022, the IRS released. The proposed rules would affect taxpayers that are applicable corporations, certain taxpayers that own interests in applicable corporations, and certain entities in which applicable corporations hold interests. The proposed additions and amendments are issued under I.R.C. §56A, as added by the Inflation Reduction Act, §59, as amended by the Inflation Reduction Act, ...