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A
Ag-Tax
Level 3
April 7, 2024
Question

Exemption to alternative minimum tax

  • April 7, 2024
  • 1 reply
  • 6 views

I hope there is someone who  can help me. I have a client who, under separation agreement had to dispose of qualified farm property. He has the capital gains exemption but he is being assessed the AMT. Is there not an exemption where the source of the AMT is a marriage breakdown. I have contacted the CRA Dedicated Telephone Service to no avail.

Someone had this experience?

 

Rod MacDougall

 

 

This topic has been closed for replies.

1 reply

J
janisbossenberry
Level 7
April 8, 2024

I have never heard of an exemption in this case.  If the property had to be split, the spousal rollover rules could have been used rather than a sale?  On the plus side, the AMT will carry forward to offset regular income tax in future years.

A
Ag-TaxAuthor
Level 3
April 15, 2024

Thanks for your reply. I wasn't expecting good news. The CRA confirmed there is no AMT relief.

Sadly, I doubt the client will have sufficient income to recover the AMT.

 

Rod

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