tax preference item

noun

Legal Definition of tax preference item

: an item (as an amount of depreciation) favorable to a taxpayer in the ordinary computation of tax liability that is taxed in the computation of alternative minimum tax

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taxpayer

tax preference item

Tax Reform Act of 1976

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Cite this Entry

“Tax preference item.” Merriam-Webster.com Legal Dictionary, Merriam-Webster, https://www.merriam-webster.com/legal/tax%20preference%20item. Accessed 9 Dec. 2021.

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