Instructions For Form 3800 - General Business Credit - Internal Revenue Service - 2008 Page 3
ADVERTISEMENT
1
2
3
4property for your first tax year ending after
Eligible qualified property.
written binding contracts involving certain
December 31, 2008.
Generally, eligible qualified property is:
passenger aircraft.
•
Qualified property under section
S corporations that make the election
Extension property. Generally,
168(k)(2) that is acquired after March 31,
to accelerate the credit can use the credit
extension property is:
•
2008, and placed in service before
only against the built-in gains tax. For S
Qualified property under section
January 1, 2009, or
corporations that file Form 1120-REIT,
168(k)(2) that is placed in service in 2009
•
Qualified property described in either
see the instructions for Schedule D (Form
and that is not property described in
section 168(k)(2)(B) (long production
1120S), line 20. S corporations that file
section 168(k)(2)(B) or (C), and
•
period property) or section 168(k)(2)(C)
Form 1120-REIT or Form 1120-RIC must
Qualified property described in sections
(certain aircraft) that is placed in service
apply the credit first against the built-in
168(k)(2)(B) and (C), that is placed in
in 2009.
gains tax, if any, and reduce the
service in 2010.
refundable credit by the amount so
This does not include property acquired
This does not include property acquired
applied. See the instructions for line h of
pursuant to a written binding contract in
pursuant to a written binding contract in
the Built-in Gains Tax Worksheet in the
effect before April 1, 2008. See section
effect before April 1, 2008.
separate instructions for those forms.
168(k)(4)(G)(iii) for special rules for
For corporations electing to accelerate
the use of unused research credit
carryforwards and obtain a refundable
credit in lieu of the special depreciation
Worksheet for Calculating the Refundable
allowance, figure the bonus depreciation
Minimum Tax Credit and Research Credit
Keep for Your
amount attributable to the research credit
Amounts
Records
by using the Worksheet for Calculating
the Refundable Minimum Tax Credit and
Research Credit Amounts below.
(a)
(b)
Separate worksheet computations must
Eligible
Extension
be made for eligible qualified property and
qualified
property
for extension property. All others enter
property
zero on line 18b.
1. Enter depreciation (including the special depreciation
allowance) that would have been allowed for eligible
For more information on the election to
qualified property or extension property (as
accelerate the research credit in lieu of
appropriate) placed in service during the tax year if
the special depreciation allowance, see
section 168(k)(1) had applied to such property. . . . . .
1.
Rev. Proc. 2008-65, 2008-44 I.R.B. 1082,
2. Enter depreciation for eligible qualified property or
available at
extension property (as appropriate) placed in service
2008-44_IRB/ar15.html, and Rev. Proc.
during the tax year and figured without regard to
2009-16, 2009-6 I.R.B. 449, available at
section 168(k)(1). . . . . . . . . . . . . . . . . . . . . . . . .
2.
2009-06_IRB/ar10.
3. Subtract line 2 from line 1. . . . . . . . . . . . . . . . . . .
3.
html. Also, for more information on the
special depreciation allowance, see the
4. Multiply line 3 by 20%. . . . . . . . . . . . . . . . . . . . . .
4.
Instructions for Form 4562, Depreciation
5. Enter any unused research credit carryforward from
and Amortization, and Pub. 946, How To
tax years beginning before 2006. . . . . . . . . . . . . . .
5.
Depreciate Property.
6. Enter any unused minimum tax credit carryforward
from tax years beginning before 2006. . . . . . . . . . .
6.
Lines 19a and 19b
7. Add line 5 and line 6. . . . . . . . . . . . . . . . . . . . . . .
7.
Research credit limitation. If you are
8. Multiply line 7 by 6% . . . . . . . . . . . . . . . . . . . . . .
8.
an individual, the amount of the research
9. Enter the smaller of line 8 or $30,000,000. . . . . . . . .
9.
credit that may be included on lines 19a
10. Enter any bonus depreciation amounts determined
and 19b is limited to the amount of tax
under section 168(k)(4)(C) attributable to eligible
attributable to your taxable income from
qualified property (or extension property, as
the sole proprietorship or your interest in
appropriate) for all preceding tax years ending after
the partnership, S corporation, estate, or
March 31, 2008. . . . . . . . . . . . . . . . . . . . . . . . . .
10.
trust (pass-through entity) generating the
11. Subtract line 10 from line 9. If zero or less, enter -0-.
11.
credit. Figure the research credit limitation
12. Bonus depreciation amount. Enter the smaller of line 4
separately for each business enterprise
or line 11. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12.
by using the following formula:
Note: If you do not have a research credit
carryforward, or if you choose not to allocate bonus
Taxable income attributable to
depreciation amounts to research credit carryforwards,
the sole proprietorship or your
skip lines 13 and 14 and enter -0- on line 15. . . . . . .
interest in the pass-through
entity
13. Enter the amount from line 10 allocated to the
(Line 13 – line 15)
x
research credit carryforward shown on line 5. . . . . . .
13.
Your taxable income for the
14. Maximum bonus depreciation amount allocable to the
year
research credit. Subtract line 13 from line 5. . . . . . . .
14.
The result figured above is limited to
15. Refundable research credit. Enter the smaller of line
the excess of line 13 over line 15. If in the
14 or the amount on line 12 that you choose to
current tax year you had no taxable
allocate to the research credit. If you have a minimum
income attributable to a particular
tax credit, continue to line 16. All others, enter the total
business interest, you cannot claim any
of line 15, columns (a) and (b), on your 2008 Form
research credit this year related to that
3800, line 18b. . . . . . . . . . . . . . . . . . . . . . . . . . .
15.
business.
16. Subtract line 15 from line 12. . . . . . . . . . . . . . . . . .
16.
17. Enter the amount from line 10 allocated to the
If your research credit is limited by the
minimum tax credit carryforward shown on line 6. . . .
17.
above formula, refigure the amount to
18. Maximum bonus depreciation amount allocable to the
enter on lines 19a and 19b using only the
minimum tax credit. Subtract line 17 from line 6. . . . .
18.
total of the amount calculated above for
19. Refundable minimum tax credit. Enter the smaller of
the research credit plus the general
line 18 or line 16 in appropriate columns. Enter the
business credit from other sources. If
total of line 19, columns (a) and (b), on your 2008
necessary, follow the Credit Ordering
Form 8827, line 7b. . . . . . . . . . . . . . . . . . . . . . . .
19.
Rule (see page 1), and take into account
any passive activity credit limitations.
-3-
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Financial