Form 8697 - Interest Computation Under The Look-Back Method For Completed Long-Term Contracts Form - Department Of The Treasury Internal Revenue Service Page 2
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Form 8697 (Rev. 11-2002)
Page
Simplified Marginal Impact Method
Part II
Date of each prior year to which interest
1 Adjustment to regular taxable income to reflect the
computation relates:
(d)
difference between: (a) the amount of such income required
(a)
(b)
(c)
Totals
to be allocated for post-February 1986 contracts
Year ended
Year ended
Year ended
(Add columns (a),
completed or adjusted during the tax year based on actual
contract price and costs, and (b) the amount of such
mo.
yr.
mo.
yr.
mo.
yr.
(b), and (c).)
income reported for such contracts based on estimated
contract price and costs. See page 4 of the instructions
and attach a schedule listing each separate contract,
unless you were an owner of an interest in a pass-through
entity reporting this amount from Schedule K-1 or a similar
statement
2 Increase or decrease in regular tax for prior years. Multiply
line 1 in each column by the applicable regular tax rate (see
page 4 of the instructions)
Note: For prior years beginning before 1987, skip lines 3
and 4 and enter on line 5 the amount from line 2.
3 Adjustment to alternative minimum taxable income to
reflect the difference between: (a) the amount of such
income required to be allocated for post-February 1986
contracts completed or adjusted during the tax year based
on actual contract price and costs, and (b) the amount of
such income reported for such contracts based on
estimated contract price and costs. See page 4 of the
instructions and attach a schedule listing each separate
contract, unless you were an owner of an interest in a
pass-through entity reporting this amount from Schedule
K-1 or a similar statement
4 Increase or decrease in alternative minimum tax (AMT) for
prior years. Multiply line 3 in each column by the applicable
AMT rate (see page 4 of the instructions)
5 Enter the larger of line 2 or line 4. See page 4 of the
instructions if either amount is negative
Pass-through entities: Skip line 6 and enter on line 7 the
amount from line 5.
6 Overpayment ceiling. For each column in which line 5 is a
negative number, enter your total tax liability for the prior
year, as adjusted for past applications of the look-back
method and after net operating loss, capital loss, net
section 1256 contracts loss, and credit carryovers and
carrybacks to that year. For each column in which line 5 is
a positive number, leave line 6 blank and enter on line 7
the amount from line 5
7 Increase or decrease in tax for the prior years on which
interest is due (or is to be refunded). Enter the amount from
line 5 or line 6, whichever is smaller. Treat both numbers
as positive when making this comparison, but enter the
amount as a negative number
8 Interest due on increase, if any, shown on line 7 (see page
4 of the instructions)
9 Interest to be refunded on decrease, if any, shown on
line 7 (see page 4 of the instructions)
10
Net amount of interest to be refunded to you. If line 9, column (d), exceeds line 8, column (d), enter the excess. File
Form 8697 separately; do not attach it to your tax return (see page 4 of the instructions)
11
Net amount of interest you owe. If line 8, column (d), exceeds line 9, column (d), enter the excess. Attach
Form 8697 to your tax return. See page 4 of the instructions for where to include this amount on your return
Signature(s) Complete this section only if this form is being filed separately.
Under penalties of perjury, I declare that I have examined this form, including accompanying schedules and statements, and to the best of my
knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer
Sign
has any knowledge.
Here
Signature(s)
Date
Preparer’s SSN or PTIN
Date
Preparer’s
Paid
Check if
signature
self-employed
Preparer’s
Firm’s name (or yours
EIN
Use Only
if self-employed), ad-
dress, and ZIP code
Phone no. (
)
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