SECTION 1. OVERVIEW

This notice provides interim guidance regarding the application of the corporate alternative minimum tax (CAMT) and relief from certain additions to tax for an applicable corporation’s underpayment of estimated tax under § 6655 of the Internal Revenue Code (Code). ¹ Section 3 of this notice provides an optional simplified method for determining applicable corporation status (interim simplified method). Section 4 of this notice waives certain additions to tax under § 6655 with respect to a corporation’s CAMT liability under § 55.

Prior to the publication of any final regulations relating to the CAMT, the Department of the Treasury (Treasury Department) and the Internal Revenue Service (IRS) intend to issue a notice of proposed rulemaking that revises the CAMT proposed regulations described in section 2.02(2) of this notice to include a method for determining applicable corporation status similar to the interim simplified method as well as other revisions.