US IRS releases interim guidance on 15% corporate alternative minimum tax

The United States (US) Treasury and Internal Revenue Service (IRS) released the first set of guidance on applying the new 15% tax.

Taxpayers can rely on this guidance until proposed regulations are issued later this year.

The guidance covers some issues that taxpayers have been waiting for, such as a simplified method for determining whether an entity constitutes an "applicable corporation" and the depreciation adjustment for Internal Revenue Code Section 168 (MACRS) property.

The guidance also con…