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January 7, 2008 12:00 am
AMT Patch at Last
Just before Congress recessed for the Christmas break, it approved a one-year fix to the alternative minimum tax (AMT) problem
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Tax Glossary
Capital loss carryover
A capital loss that is not deductible because it exceeds the annual $3,000 capital loss ceiling. A carryover loss may be deducted from capital gains of later years plus up to $3,000 of ordinary income.
