KPMG report: Initial observations on round 1 of CAMT guidance in Notice 2023-7
A KPMG report that provides initial observations on Notice 2023-7
A KPMG report that provides initial observations on Notice 2023-7
The Treasury Department and IRS on December 27, 2022, released an advance version of Notice 2023-7 [PDF 248 KB] (50 pages), providing taxpayers with interim guidance on the corporate alternative minimum tax (CAMT). Notice 2023-7 is the first guidance addressing the CAMT and its many uncertainties. Some of its provisions, such as the extension of regular tax non-recognition principles to the CAMT, appear helpful to taxpayers. Notice 2023-7, however, suggests that the CAMT regime built by the Treasury Department and IRS may be complex and administratively burdensome, with numerous CAMT specific attributes—including CAMT specific basis in property—to be tracked.
Read a January 2023 report [PDF 868 KB] (22 pages) prepared by KPMG LLP that provides initial observations on Notice 2023-7.
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