Corporate income taxes in the 1990s
Institute on Taxation and Economic Policy, 2000 - Business & Economics - 60 pages
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$2 million 250 companies 250 Major Corporations 97Profit accelerated depreciation accelerated depreciation write-offs allocated to 1998 Alternative Minimum Tax AMT credit carryforwards annual report available to reduce benefits from stock book write-off booked restructuring charges Bristol-Myers Squibb charges in 1998 company $2 company paid company's fiscal company's tax bill computing pretax profits Corporate Income Tax corporate tax credit carryforwards available current effects deducted in computing deferred taxes effective tax rate end in Jan federal income taxes fiscal years end future income taxes future taxable income listed MCI WorldCom MedPartners million in 1998 million in Alternative million in AMT million in tax negative deferred taxes Nondeductible amortization options as calculated options as reported pretax U.S. profits reduce future income reduce future taxable reduced the company's research and development saved the company stock options Tax benefits tax breaks tax deductible tax payments tax rate reflects taxes previously deferred turnaround in taxes