Instructions For Form 4626 - 2005 Page 12
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12Adjusted Current Earnings (ACE) Worksheet
See ACE Worksheet Instructions (which begin on page 9).
1
1
Pre-adjustment AMTI. Enter the amount from line 3 of Form 4626
2
ACE depreciation adjustment:
2a
a
AMT depreciation
b
ACE depreciation:
2b(1)
(1)
Post-1993 property
2b(2)
(2)
Post-1989, pre-1994 property
2b(3)
(3)
Pre-1990 MACRS property
2b(4)
(4)
Pre-1990 original ACRS property
(5)
Property
described
in
sections
2b(5)
168(f)(1)
through
(4)
2b(6)
Other property
(6)
2b(7)
(7)
Total ACE depreciation. Add lines 2b(1) through 2b(6)
2c
c
ACE depreciation adjustment. Subtract line 2b(7) from line 2a
3
Inclusion in ACE of items included in earnings and profits (E&P):
3a
a
Tax-exempt interest income
3b
b
Death benefits from life insurance contracts
3c
All other distributions from life insurance contracts (including surrenders)
c
3d
d
Inside buildup of undistributed income in life insurance contracts
e
Other items (see Regulations sections 1.56(g)-1(c)(6)(iii) through (ix)
3e
for a partial list)
3f
f
Total increase to ACE from inclusion in ACE of items included in E&P. Add lines 3a through 3e
4
Disallowance of items not deductible from E&P:
4a
a
Certain dividends received
b
Dividends paid on certain preferred stock of public utilities that are
4b
deductible under section 247
4c
c
Dividends paid to an ESOP that are deductible under section 404(k)
d
Nonpatronage dividends that are paid and deductible under section
4d
1382(c)
e
Other items (see Regulations sections 1.56(g)-1(d)(3)(i) and (ii) for a
4e
partial list)
f
Total increase to ACE because of disallowance of items not deductible from E&P. Add lines 4a
4f
through 4e
5
Other adjustments based on rules for figuring E&P:
5a
a
Intangible drilling costs
5b
b
Circulation expenditures
5c
c
Organizational expenditures
5d
LIFO inventory adjustments
d
5e
e
Installment sales
5f
f
Total other E&P adjustments. Combine lines 5a through 5e
6
6
Disallowance of loss on exchange of debt pools
7
7
Acquisition expenses of life insurance companies for qualified foreign contracts
8
8
Depletion
9
9
Basis adjustments in determining gain or loss from sale or exchange of pre-1994 property
10
Adjusted current earnings. Combine lines 1, 2c, 3f, 4f, and 5f through 9. Enter the result here
and on line 4a of Form 4626
10
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