Each of the members of a Federal consolidated tax return group can claim a $40,000 AMT exemption,subject to phase-out.

Name: Each of the members of a Federal consolidated tax return group can claim a $40,000 AMT exemption,subject to phase-out.
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In a Federal consolidated tax return group, the $40,000 AMT exemption is not available to each member individually; instead, the group as a whole is subject to a single AMT exemption amount, which is then allocated among the members.

Each of the Members of a Federal Consolidated Tax Return