Form Ftb 6839 - Frequently Asked Questions About The Alternative Minimum Taxable Income (Amti) Exclusion Page 2

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Frequently Asked Questions about AMTI - Exclusion
•
Installment sale: Include gross installment received in the current tax year.
•
Like-kind exchange: Include boot.
•
Sale of business property: Include gross sale amount.
•
Casualty loss on business property: Include reimbursement proceeds.
•
Guaranteed payments to partners: Include gross payment.
Q3. What amounts are excluded from AMTI?
A3. (The following are examples, not a comprehensive listing. To be excluded from AMTI, the amounts
must have been included in taxable income.)
•
Net business income: Combine net gains and losses from all trade or business of the taxpayer.
These amounts should be net of all business expenses including self employment tax and Keogh
deductions.
•
Schedule K-1: Include all items except those listed under “Credits,” “Adjustments and Tax
Preference Items,” and “Other.”
•
Installment sale: Include taxable portion of the installment received.
•
Like-kind exchange: Include gain recognized.
•
Sale of business property: Include net taxable gain on sale.
•
Casualty loss on business property: Include reimbursement in excess of basis.
•
Guaranteed payments to partners: Include amount attributable to trade or business.
Q4. How do I exclude adjustments and preferences related to trade or business income?
A4. Do not record any qualifying adjustments and preferences on Schedule P, Alternative Minimum Tax
and Credit Limitations.
FTB 6839 (NEW 3-97)
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