Instructions For Form 4626 - 2005 Page 11
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Exception. Independent oil and gas
The ACE loss is more than the AMT
law. Generally, tax returns and return
producers and royalty owners that
loss.
information are confidential, as required
•
figured their regular tax depletion
The corporation had an ACE loss
by section 6103.
deduction under section 613A(c) do not
and an AMT gain.
The time needed to complete and
have an adjustment for ACE purposes.
file this form will vary depending on
individual circumstances. The
Line 9. Basis Adjustments in
Paperwork Reduction Act Notice.
estimated average time is:
We ask for the information on this form
Determining Gain or Loss From
to carry out the Internal Revenue laws
Sale or Exchange of Pre-1994
Recordkeeping . . . . . . . 17 hr., 13 min.
of the United States. You are required
Property
Learning about the law
to give us the information. We need it to
If, during the tax year, the corporation
or the form . . . . . . . . . . 12 hr., 36 min.
ensure that you are complying with
disposed of property for which it is
Preparing and sending
these laws and to allow us to figure and
making (or previously made) any of the
the form to the IRS . . . . 13 hr., 27 min.
collect the right amount of tax.
ACE adjustments, refigure the
You are not required to provide the
If you have comments concerning
property’s adjusted basis for ACE. Then
information requested on a form that is
the accuracy of these time estimates or
refigure the property’s gain or loss.
subject to the Paperwork Reduction Act
suggestions for making this form
Enter the difference between the
unless the form displays a valid OMB
simpler, we would be happy to hear
AMT gain or loss (used to figure line 2e
control number. Books or records
from you. See the instructions for the
of Form 4626) and the ACE gain or
relating to a form or its instructions
tax return with which this form is filed.
loss. Enter the difference as a negative
must be retained as long as their
amount if any of the following apply.
contents may become material in the
•
The ACE gain is less than the AMT
administration of any Internal Revenue
gain.
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