In most cases NO. The Taxpayer Relief Act of 1997 changed the law for the alternative minimum tax due for corporations. For entities whose tax year began after 12/31/97, a "Small Corporation Exemption" was created. A corporation is treated as a small corporation exempt from AMT for its tax year beginning in 1999 if that year is the corporation's first tax year in existence or its average annual gross receipts for the 3 year tax period ending before 1999 did not exceed $7.5 million (5 million if the corporation had only 1 prior tax year). You should speak to your local CPA about the "Small Corporation Exemption" and special rules that apply in determining gross receipts.