Instructions For Form 6251 - Alternative Minimum Tax - Individuals

the following amounts when completing

adjustments, under section 613A(d)(1).

(as defined in section 1400N(k)(2)),

line 1.

Also, your depletion deduction for

qualified recovery assistance losses (as

•

Any interest expense on Form 6251,

mines, wells, and other natural deposits

defined in Pub. 4492-A, Information for

line 4, that was paid or accrued on

under section 611 is limited to the

Taxpayers Affected by the May 4,

indebtedness attributable to property

property’s adjusted basis at the end of

2007, Kansas Storms and Tornadoes),

held for investment within the meaning

the year, as refigured for the AMT,

qualified disaster recovery assistance

of section 163(d)(5) (for example,

unless you are an independent

losses (as defined in Pub. 4492-B,

interest on a home equity loan whose

producer or royalty owner claiming

Information for Affected Taxpayers in

proceeds were invested in stocks or

percentage depletion for oil and gas

the Midwestern Disaster Areas), or a

bonds).

wells under section 613A(c). Figure this

2008 loss that you elected to carry back

•

Any interest that would have been

limit separately for each property. When

more than 2 years under section

deductible if tax-exempt interest on

refiguring the property’s adjusted basis,

172(b)(1)(H), the ATNOLD for the tax

private activity bonds were includible in

take into account any AMT adjustments

year is limited to the sum of:

gross income.

you made this year or in previous years

1. The smaller of:

that affect basis (other than current

Step 2. Enter your AMT disallowed

a. The sum of the ATNOL

year depletion).

investment interest expense from 2008

carrybacks and carryforwards to the tax

on line 2. Complete line 3.

Enter the difference between the

year attributable to net operating losses

regular tax and AMT deduction. If the

other than those losses described in 2a

Step 3. When completing Part II,

AMT deduction is greater, enter the

below, or

refigure the following amounts, taking

difference as a negative amount.

b. 90% of AMTI for the tax year

into account all adjustments and

(figured without regard to the ATNOLD

preferences.

Line 11—Net Operating Loss

•

and any domestic production activities

Gross income from property held for

Deduction

deduction, as discussed earlier), plus

investment.

•

Net gain from the disposition of

2. The smaller of:

If you are filing Form 1040NR, enter

property held for investment.

your net operating loss deduction from

a. The sum of the ATNOL

•

Net capital gain from the disposition

Form 1040NR, line 21, as a positive

carrybacks and carryforwards to the tax

of property held for investment.

amount.

year attributable to qualified disaster

•

Investment expenses.

losses, qualified Gulf Opportunity Zone

Line 12—Alternative Tax Net

losses, qualified recovery assistance

Include any tax-exempt interest

losses, qualified disaster recovery

income from private activity bonds and

Operating Loss Deduction

assistance losses, and any 2008 loss

any investment expenses that would

(ATNOLD)

that you elected to carry back more

have been deductible if the interest on

The ATNOLD is the sum of the

than 2 years under section

the bonds were includible in gross

alternative tax net operating loss

172(b)(1)(H), or

income for the regular tax.

(ATNOL) carryovers and carrybacks to

b. 100% of AMTI for the tax year

On line 4g, enter the smaller of:

the tax year, subject to the limitation

(figured without regard to the ATNOLD

1. The amount from line 4g of your

explained later on this page. Figure

and any domestic production activities

regular tax Form 4952, or

your ATNOLD as follows.

deduction, as discussed earlier)

2. The total of lines 4b and 4e of

reduced by the amount determined

Your ATNOL for a loss year is the

this AMT Form 4952.

under (1).

excess of the deductions allowed for

figuring AMTI (excluding the ATNOLD)

Step 4. Complete Part III.

over the income included in AMTI.

Enter on line 12 the smaller of the

Enter on Form 6251, line 9, the

Figure this excess with the

ATNOLD or the ATNOLD limitation.

difference between line 8 of your AMT

modifications in section 172(d), taking

Form 4952 and line 8 of your regular

Any ATNOL not used may be carried

into account your AMT adjustments and

tax Form 4952. If your AMT expense is

back 2 years or forward up to 20 years

preferences (that is, the section 172(d)

greater, enter the difference as a

(15 years for loss years beginning

modifications must be separately

negative amount.

before 1998). In some cases, the

figured for the ATNOL). For example,

carryback period is longer than 2 years;

Investment interest expense that is

the limitation of nonbusiness

for details, see Pub. 536. See Pub.

not an itemized deduction. If you did

deductions to the amount of

4492-A for the part of an ATNOL that is

not itemize deductions and you had

nonbusiness income must be

a qualified recovery assistance loss or

investment interest expense, do not

separately figured for the ATNOL, using

Pub. 4492-B for the part of an ATNOL

enter an amount on Form 6251, line 9,

only nonbusiness income and

that is a qualified disaster recovery

unless you reported investment interest

deductions that are included in AMTI.

assistance loss. If you elect to carry

expense on Schedule E. If you did,

Your ATNOLD may be limited. To

back a 2008 ATNOL 5 years under

follow the steps above for completing

figure the ATNOLD limitation, you must

section 172(b)(1)(H) as amended by

Form 4952. Allocate the investment

first figure your AMTI without regard to

Public Law 111-92, the 50% limit under

interest expense allowed on line 8 of

the ATNOLD and any domestic

section 172(b)(1)(H)(iv) is applied

the AMT Form 4952 in the same way

production activities deduction. To do

separately based on AMTI.

you did for the regular tax. Enter on

this, first figure a tentative amount for

Form 6251, line 9, the difference

The treatment of ATNOLs does not

line 10 by treating line 12 as if it were

between the amount allowed on

affect your regular tax NOL.

zero. Next, figure a tentative total of

Schedule E for the regular tax and the

lines 1 through 28 using the tentative

amount allowed on Schedule E for the

Since ATNOLs arising in loss

line 10 amount and treating line 12 as if

AMT.

years beginning before 1998

it were zero. Add any domestic

can be carried forward no more

Line 10—Depletion

production activities deduction to this

CAUTION

than 15 years, you cannot carry forward

tentative total. Your ATNOLD is

You must refigure your depletion

to 2009 an ATNOL from a loss

limited to 90% of the result.

deduction for the AMT. To do so, use

beginning before 1994.

only income and deductions allowed for

However, if an ATNOL that is carried

the AMT when refiguring the limit based

back or carried forward to the tax year

Note. If you elected under section

on taxable income from the property

is attributable to qualified disaster

172(b)(3) to forgo the carryback period

under section 613(a) and the limit

losses (as defined in section 172(j)),

for the regular tax, the election also

based on taxable income, with certain

qualified Gulf Opportunity Zone losses

applies for the AMT.

-3-

Instructions for Form 6251 (2009)

Instructions For Form 6251 - Alternative Minimum Tax - Individuals - 2009 Page 3

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