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Possible Answers: NET.
Last seen on: LA Times Crossword 13 Jul 2018, Friday
Random information on the term “Amount realized”:
The alternative minimum tax (AMT) is a supplemental income tax imposed by the United States federal government required in addition to baseline income tax for certain individuals, corporations, estates, and trusts that have exemptions or special circumstances allowing for lower payments of standard income tax. AMT is imposed at a nearly flat rate on an adjusted amount of taxable income above a certain threshold (also known as exemption). This exemption is substantially higher than the exemption from regular income tax.
Regular taxable income is adjusted for certain items computed differently for AMT, such as depreciation and medical expenses. No deduction is allowed for state taxes or miscellaneous itemized deductions in computing AMT income. Taxpayers with incomes above the exemption whose regular Federal income tax is below the amount of AMT must pay the higher AMT amount.
A predecessor “minimum tax”, enacted in 1969, imposed an additional tax on certain tax benefits for certain taxpayers. The present AMT was enacted in 1982 and limits tax benefits from a variety of deductions. On January 2, 2013, President Barack Obama signed the American Taxpayer Relief Act of 2012, which indexes to inflation the income thresholds for being subject to the tax.[1]
Random information on the term “NET”:
National Educational Television (NET) was a United States educational broadcast television network that was owned by the Ford Foundation and later co-owned by the Corporation for Public Broadcasting. Operating from May 16, 1954, to October 4, 1970, its direct successor, the Public Broadcasting Service (PBS), continues in operation and has memberships with many television stations that were formerly part of NET.
The network was founded as the Educational Television and Radio Center (ETRC) in November 1952 by a grant from the Ford Foundation’s Fund for Adult Education. It was originally a limited service for exchanging and distributing educational television programs produced by local television stations to other stations; it did not produce any material by itself.[1]
In the spring of 1954, ETRC moved its operations to Ann Arbor, Michigan, and on May 16 of that year it began operating as a “network”. It put together a daily five-hour package of television programs, distributing them primarily on kinescope film to the affiliated stations by mail.[2] The programming was noted for treating subjects in depth, including hour-long interviews with people of literary and historical importance. The programming was also noted for being dry and academic, with little consideration given to entertainment value, a marked contrast to commercial television. Many of the shows were designed as adult education, and ETRC was nicknamed the “University of the Air”[3] (or, less kindly, “The Bicycle Network”, both for its low budget and for the way NET supposedly sent programs to its affiliates).