Business Alternative Minimum Tax Act of 1986

[AI summary unavailable — showing source text] Business Alternative Minimum Tax Act of 1986 - Title I: Business Alternative Minimum Tax - Amends the Internal Revenue Code to impose a business alternative minimum tax equal to seven percent of the sum of: (1) the net business receipts of the taxpayer for the taxable year; plus (2) the customs value plus customs duties and any other duties, or the fair market value, of property imported into the United States. Permits the taxpayer a credit against the business alternative minimum tax equal to the sum of the tax benefit credit carryforwards carried to such taxable year, plus the amount of the current year tax benefit credit. Defines "current year tax benefit credit." Provides rules for calculating the carryforward of unused tax benefit credits. Defines "net business receipts," "business receipts," and "business expenses." Provides special rules for determining the business receipts and business expenses of the taxpayer. Exempts from the business alternative minimum tax: (1) taxpayers whose business receipts for the taxable year do not exceed $10,000,000; (2) governmental entities; and (3) tax-exempt organizations. Requires that a return for the business alternative minimum tax be f…