Can I use current gains to offset prior year AMT credits?

July 10, 2002

Subject:  AMT and deemed sales
From:  Andrew Goloboy
Date:  Wed, 29 May 2002

Michael -

You have very useful information on your Web site. Thank you.

I plan to use the deemed sales election in 2001 to create gains to offset some AMT credits from 2000. Have you seen anything from the IRS arguing against this position?

Thanks.
Andy

Answer

Date:  28 Jun 2002

Hello Andy,

No. There are a number of tax benefits that you can get from making the election and this is one of them.

Good luck!
Mike Gray

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