No. You do not adjust the cost basis for your regular tax. The cost basis for your regular tax (using your example) is $2. You have a regular tax gain of $55 per share. Your AMT cost basis is $102, and you have an AMT loss of $45 per share. You asked "Is this just covered by AMT credit over time, or do I also need to do an adjustment for capital gains/losses?" The answer is it covered by AMT credit over time.
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