Form 1041 - Us Income Tax Return For Estates And Trusts - 2007 Page 3
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Form 1041 (2007)
Page
Schedule I
Alternative Minimum Tax (AMT) (see pages 29 through 37 of the instructions)
Part I—Estate’s or Trust’s Share of Alternative Minimum Taxable Income
1
1
Adjusted total income or (loss) (from page 1, line 17)
2
2
Interest
3
3
Taxes
4
4
Miscellaneous itemized deductions (from page 1, line 15b)
(
)
5
5
Refund of taxes
6
6
Depletion (difference between regular tax and AMT)
7
7
Net operating loss deduction. Enter as a positive amount
8
8
Interest from specified private activity bonds exempt from the regular tax
9
9
Qualified small business stock (see page 30 of the instructions)
10
10
Exercise of incentive stock options (excess of AMT income over regular tax income)
11
11
Other estates and trusts (amount from Schedule K-1 (Form 1041), box 12, code A)
12
12
Electing large partnerships (amount from Schedule K-1 (Form 1065-B), box 6)
13
13
Disposition of property (difference between AMT and regular tax gain or loss)
14
14
Depreciation on assets placed in service after 1986 (difference between regular tax and AMT)
15
15
Passive activities (difference between AMT and regular tax income or loss)
16
16
Loss limitations (difference between AMT and regular tax income or loss)
17
17
Circulation costs (difference between regular tax and AMT)
18
18
Long-term contracts (difference between AMT and regular tax income)
19
19
Mining costs (difference between regular tax and AMT)
20
20
Research and experimental costs (difference between regular tax and AMT)
(
)
21
21
Income from certain installment sales before January 1, 1987
22
22
Intangible drilling costs preference
23
23
Other adjustments, including income-based related adjustments
(
)
24
24
Alternative tax net operating loss deduction (See the instructions for the limitation that applies.)
25
25
Adjusted alternative minimum taxable income. Combine lines 1 through 24
Note: Complete Part II below before going to line 26.
26
26
Income distribution deduction from Part II, line 44
27
27
Estate tax deduction (from page 1, line 19)
28
28
Add lines 26 and 27
29
29
Estate’s or trust’s share of alternative minimum taxable income. Subtract line 28 from line 25
If line 29 is:
$22,500 or less, stop here and enter -0- on Schedule G, line 1c. The estate or trust is not
liable for the alternative minimum tax.
Over $22,500, but less than $165,000, go to line 45.
$165,000 or more, enter the amount from line 29 on line 51 and go to line 52.
Part II—Income Distribution Deduction on a Minimum Tax Basis
30
30
Adjusted alternative minimum taxable income (see page 34 of the instructions)
31
31
Adjusted tax-exempt interest (other than amounts included on line 8)
32
32
Total net gain from Schedule D (Form 1041), line 15, column (1). If a loss, enter -0-
33
Capital gains for the tax year allocated to corpus and paid or permanently set aside for charitable
33
purposes (from Schedule A, line 4)
34
Capital gains paid or permanently set aside for charitable purposes from gross income (see page
34
34 of the instructions)
35 (
)
35
Capital gains computed on a minimum tax basis included on line 25
36
36
Capital losses computed on a minimum tax basis included on line 25. Enter as a positive amount
37
Distributable net alternative minimum taxable income (DNAMTI). Combine lines 30 through 36.
37
If zero or less, enter -0-
38
38
Income required to be distributed currently (from Schedule B, line 9)
39
39
Other amounts paid, credited, or otherwise required to be distributed (from Schedule B, line 10)
40
40
Total distributions. Add lines 38 and 39
41
41
Tax-exempt income included on line 40 (other than amounts included on line 8)
42
42
Tentative income distribution deduction on a minimum tax basis. Subtract line 41 from line 40
43
Tentative income distribution deduction on a minimum tax basis. Subtract line 31 from line 37.
43
If zero or less, enter -0-
Income distribution deduction on a minimum tax basis. Enter the smaller of line 42 or
44
line 43. Enter here and on line 26
44
44
1041
Form
(2007)
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