On Thursday, March 24, 2011 10:04:12 PM UTC-7, F. George McDuffee wrote:


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Another excellent argument for an AMCT [alternative minimum
corporate tax] possibly based on total domestic gross sales
rather than net domestic profit.


We have that right now in Oregon and it taxes "C" corps on their gross sales in Oregon. This is the second year in force because the legislature back dated the law! "S" corps and others pay a minimum of $150. I have had to borrow that amount because my company lost money.

As many "C" corps as possible have changed to "S" corps. Many co-ops have gone out of business. Many large wheat ranches, etc. have been sold to out of state corporations. They would have NO in state sales.

Of course, the lawyers, the "PC" professional corporations, are exempt!

What a screwed up mess.

Paul