Line 432 - Alternative minimum tax carry-over, alternative minimum tax and deduction for logging tax
Line 432 - Alternative minimum tax carry-over, alternative minimum tax and deduction for logging tax
Alternative minimum tax carry-over (line 13 of Schedule E)
As a rule, if you do not have any alternative minimum tax payable for 2024, you may be entitled to deduct all or part of the alternative minimum tax paid for a year before 2024. To determine the amount you can deduct on line 13 of Schedule E, complete form TP-776.42-V, Alternative Minimum Tax.
Alternative minimum tax (line 15 of Schedule E)
Alternative minimum tax limits the benefits you can receive in a year from certain tax incentives. It can be carried forward up to seven years. Refer to form TP-776.42-V, Alternative Minimum Tax, to see if you are required to pay the tax for 2024.
Deduction for logging tax (line 17 of Schedule E)
If you carried out logging operations in Québec in 2024, you can deduct one third of the logging tax you paid to the Minister of Revenue of Québec when you filed the Logging Operations Return (form TPZ-1179-V).
|
|
|