Instructions For Form 4626 - 2010 Page 11
ADVERTISEMENT
1
2
3
4
5
6
7
8
9
10
11Adjusted Current Earnings (ACE) Worksheet
See ACE Worksheet Instructions (which begin on page 8).
1
1
Pre-adjustment AMTI . Enter the amount from line 3 of Form 4626 . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2
ACE depreciation adjustment:
a AMT depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2a
b ACE depreciation:
(1) Post-1993 property . . . . . . . . . . . . . . . . . . . . . . 2b(1)
(2) Post-1989, pre-1994 property . . . . . . . . . . . . . . . 2b(2)
(3) Pre-1990 MACRS property . . . . . . . . . . . . . . . . 2b(3)
(4) Pre-1990 original ACRS property . . . . . . . . . . . . 2b(4)
(5) Property described in sections 168(f)(1) through
(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2b(5)
(6) Other property . . . . . . . . . . . . . . . . . . . . . . . . . 2(b6)
(7) Total ACE depreciation. Add lines 2b(1) through 2b(6) . . . . . . . . . . . . . . . 2b(7)
c ACE depreciation adjustment. Subtract line 2b(7) from line 2a . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2c
3
Inclusion in ACE of items included in earnings and profits (E&P):
a Tax-exempt interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3a
b Death benefits from life insurance contracts . . . . . . . . . . . . . . . . . . . . . . . . . .
3b
c All other distributions from life insurance contracts (including surrenders) . . . . . .
3c
d Inside buildup of undistributed income in life insurance contracts . . . . . . . . . . .
3d
e Other items (see Regulations sections 1.56(g)-1(c)(6)(iii) through (ix) for a partial
list) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3e
f Total increase to ACE from inclusion in ACE of items included in E&P. Add lines 3a through 3e
3f
4
Disallowance of items not deductible from E&P:
a Certain dividends received . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4a
b Dividends paid on certain preferred stock of public utilities that are deductible
under section 247 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4b
c Dividends paid to an ESOP that are deductible under section 404(k)
4c
d Nonpatronage dividends that are paid and deductible under section 1382(c) . . .
4d
e Other items (see Regulations sections 1.56(g)-1(d)(3)(i) and (ii) for a partial list)
4e
f Total increase to ACE because of disallowance of items not deductible from E&P. Add lines 4a through 4e
4f
5
Other adjustments based on rules for figuring E&P:
a Intangible drilling costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5a
b Circulation expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5b
c Organizational expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5c
d LIFO inventory adjustments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5d
e Installment sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5e
f Total other E&P adjustments. Combine lines 5a through 5e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5f
6
Disallowance of loss on exchange of debt pools . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6
7
Acquisition expenses of life insurance companies for qualified foreign contracts . . . . . . . . . . . . . . . . . . . .
7
8
Depletion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8
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
10
4a of Form 4626 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
-11-
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Financial