[Anonymous]

Can anyone explain to me exactly what adjusted current earnings are? I’m currently using Wiley for my preparation, and the only definition they give is the following:

“ACE is a concept based on a corporation’s earnings and profits, and is calculated by making adjustments to pre-ACE AMTI.”

Pretty useless I think…

After this vague explanation it is then given in an AMT example. I want to understand the concept, not just memorize how to use it…Thanks.

[Anonymous]

Bump

Anyone?

[Anonymous]

Ace adjustments are adjustments to corporate income for amt purposes that originate in the ways and means committee and are later signed into law by the president after being reworked and revoted on several times by congress. Like most tax laws they usually serve short sighted politicians who are more concerned with reelection then further betterment of the country. That is why they don't make much sense, just got to memorize them. Similar to pork barrel legislation.

[Anonymous]

@auditorfromhel, thanks.

[How many letters do you need]

I can't tell if the response above is a level or not…

MBA,CMA,CPA, CFF?, ABV?

[Author]

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