When computing a corporation's alternative minimum taxable income,its taxable income is

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When computing a corporation's alternative minimum taxable income, it is only increased (never decreased) by tax preference items. Adjustments may increase or decrease taxable income for regular tax purposes, but they do not affect AMT taxable income. The statutory exemption of $40,000 is subtracted from the AMT taxable income, and 75% of the excess of adjusted current earnings over taxable income is added to AMT taxable income for corporations with average annual gross receipts of more than $7.5 million in the three preceding tax years.

When Computing a Corporation's Alternative Minimum Taxable Income,its Taxable Income