Form Ri-1041 - Rhode Island Fiduciary Income Tax Return - 2006 Page 4

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RI-1041
2006
FIDUCIARY ALTERNATIVE MINIMUM TAX
Name of Estate or Trust
Federal Identification Number
PART 1
ALTERNATIVE MINIMUM TAX
1.
1.
Federal Alternative Minimum Taxable Income from Federal Form 1041, Schedule I, line 29.........................................................
2.
2.
Exemption - if line 1 is LESS than $79,100; enter $23,700. Otherwise, complete the exemption worksheet on page 5..............
3.
Subtract line 2 from line 1................................................................................................................................................................
3.
4.
If you figured the tax on RI-1041, Schedule D, complete part 2 and enter the amount from line 32 here. If you figured the tax
using the fiduciary tax rate schedule and line 3 is less than $175,000 then multiply line 3 by 6.5% (.065). Otherwise, multiply
line 3 by 7% (.07) and subtract $875 from the result......................................................................................................................
4.
5.
Alternative minimum tax foreign tax credit - Federal Form 1041, Schedule I, line 53.........................
5.
6.
RI Rate.................................................................................................................................................
6.
25%
7.
Alternative minimum foreign tax credit - multiply line 5 by line 6....................................................................................................
7.
8.
Tentative minimum tax - subtract line 7 from line 4.........................................................................................................................
8.
9.
RI tax from RI-1041, page 1, line 8A...................................................................................................
9.
10.
Foreign tax credit from Federal Form 1041, Schedule G, line 2a...........
10.
11.
RI Rate....................................................................................................
11.
25%
12.
12.
Multiply line 10 by line 11.....................................................................................................................
13.
RI income tax less foreign tax credit - subtract line 12 from line 9..................................................................................................
13.
14.
RI Alternative minimum tax - subtract line 13 from line 8
(If zero or less, enter
zero). Enter here and on RI-1041, page 1, line 9.
14.
PART 2
ALTERNATIVE MINIMUM TAX USING MAXIMUM CAPITAL GAINS RATES
15.
Enter the amount from line 3 above................................................................................................................................................
15.
16.
Enter the amount from RI-1041, Schedule D, line 9
(As refigured for AMT, if
necessary)..................
16.
17.
17.
Enter the amount from RI-1041, Schedule D, line 7
(As refigured for AMT, if
necessary)..................
18.
A.
Add lines 16 and 17.....................................................................................................................
18A.
B.
Enter the amount from RI-1041, Schedule D, line 4
(As refigured for AMT, if
necessary).......... 18B.
C.
Enter the SMALLER of line 18A or line 18B............................................................................... 18C.
19.
Enter the SMALLER of line 15 or line 18C...................................................................................................................................... 19.
20.
Subtract line 19 from line 15............................................................................................................................................................ 20.
21.
If line 20 is less than $175,000 then multiply line 20 by 6.5% (.065). Otherwise, multiply line 20 by 7% (.07) and subtract
21.
$875 from the result.........................................................................................................................................................................
22.
Enter the amount from RI-1041, Schedule D, line 16..........................................................................
22.
23.
Enter the SMALLER of line 15 or line 16............................................................................................
23.
24.
Enter the SMALLER of line 22 or line 23
(If zero, go to line
26).........................................................
24.
25.
Multiply line 24 by 2.50% (.025)......................................................................................................................................................
25.
26.
Subtract line 24 from line 23................................................................................................................
26.
27.
27.
Multiply line 26 by 5.00% (.05)........................................................................................................................................................
IF LINE 17 IS ZERO OR BLANK, SKIP LINES 28 AND 29 AND GO TO LINE 30. OTHERWISE, GO TO LINE 28.
28.
Subtract line 23 from line 19................................................................................................................
28.
29.
Multiply line 28 by 6.25% (.0625)....................................................................................................................................................
29.
30.
Add lines 21, 25, 27 and 29.............................................................................................................................................................
30.
31.
If line 15 is less than $175,000 then multiply line 15 by 6.5% (.065). Otherwise, multiply line 15 by 7% (.07) and subtract
$875 from the result.........................................................................................................................................................................
31.
32.
Enter the SMALLER of lines 30 or 31 here and on line 4 above....................................................................................................
32.
Page 4

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