Kevin Clare Moore sold his farm in 2002. The capital gain from the sale of his farm triggered the alternative minimum tax (AMT). Moore was unhappy with this AMT result, so he took the matter to court, where he left with more unhappiness after the court ruled that he did indeed owe the AMT.
Moore’s timing was really bad. He incurred the tax because of a mistake by the tax writers when they lowered the capital gains tax. (The tax writers ... Log in to view full article.