Form 0405-611 - 2006 Alaska Corporation Net Income Tax Return Instructions (Page 7 of 10) in pdf

FORM 0405-611 - 2006 ALASKA CORPORATION NET INCOME TAX RETURN

INSTRUCTIONS

corporations registered to do business, but are inactive, in

Line 2, Alaska net operating loss deduction:

Enter the

Alaska.

If you are making a report of an inactive affiliate

taxpayer’s Alaska net operating loss carry-forward. Do not enter

the federal net operating loss deduction.

The Alaska net

registered to do business in Alaska, indicate “Yes” or “Y” in this

operating loss deduction may differ from the federal net

column and complete all other columns (a) through (i). Do not

check “yes” for question #2 on page one. Complete columns

operating loss as a result of state adjustments to federal taxable

(a)-(d) and (f)-(i) as if the corporation was an Alaska taxpayer.

income, differences between the federal consolidated group

and the water’s edge combined group, and the amount of

Note: The filing of an information report for an inactive

income or loss apportioned to other states. Attach a schedule

corporation does not constitute the filing of a return.

showing, by year, when the net operating loss was generated

and applied.

If you need additional space to report all taxpayers and inactive

affiliates, use additional copies of Schedule B or a schedule in

In general, the application of an Alaska net operating loss is

compatible format.

governed by applicable Internal Revenue Code provisions.

SCHEDULE C - TAX PAYMENT RECORD

Line 8, Incentive Credits:

Include on line 8 the following

Enter the dates and amounts of estimated tax payments made

Alaska specific incentive credits if applicable:

for the tax year. If a payment was made under a name and EIN

different from the taxpayer shown on page one, identify the

Exploration Incentive Credit (Minerals):

Enter the credit

payer by entering in the margin to the right of the payment

allowable against your corporate net income tax from Form 04-

amount the taxpayer number corresponding to the payer from

665, Exploration Incentive Credit. The credit may not exceed

Schedule B, question #1. Total payments must equal Schedule

the lesser of 50% of the following:

A, line 11.

corporation tax liability

total mining license tax liability

SCHEDULE D - ALASKA TAX COMPUTATION (Form

mining license tax liability related to production from the

0405-611 only)

mining operation at which the mining exploration activity

Enter any net capital gain from Schedule J, line 18 on Schedule

occurred.

D line 2.

Oil and Gas Exploration Incentive Credit: Enter the amount

S Corporations: Do not report built-in gains or excess net

of credit extended under AS 41.09.010(a) to be applied against

passive income taxes on Schedule D. Corporate-level taxes of

your corporate income tax, limited to your Total Tax from line 7

S Corporations are reported on Schedule E.

less any Exploration Incentive Credit (Minerals). Attach a copy

of your credit extension(s) from the Commissioner of Natural

Personal Holding Companies:

The Alaska tax rate on

Resources and specify the application of credit(s) to any other

Undistributed Personal Holding Company Income is 12.6%.

approved applications under AS 41.09.010(b).

Include this tax on Schedule D, line 4g (Form 0405-611) or line 4

(Form 0405-611SF) and attach a statement showing the tax

Lines 14 - 17, Penalties and Interest: Refer to instructions on

calculation.

Page 6.

SCHEDULE E - OTHER TAXES

Line 19. Overpayment credited to estimated tax. This is a

(Form 0405-611 only)

binding election and the overpayment cannot be re-applied at a

Lines 1 and 2, Alternative Minimum Tax (AMT), and Credit

later date. See federal Treas. Reg. 301.6402 - 3(a) & (d), and

for prior year minimum tax: Include on lines 1 and 2 the

Rev. Rul. 99-40.

amount of the federal tax or credit that is applicable to Alaska.

If the taxpayer does not file a federal consolidated return, or if

SCHEDULE B - TAXPAYER INFORMATION

the federal consolidated return group is wholly included in the

(Form 0405-611 only)

water’s edge combined group, enter in column A the federal tax

Question #1, Affiliated Taxpayer Information: This schedule

from Form 4626 and/or credit from federal Schedule J.

must be completed if the taxpayer is a member of an affiliated

group.

List each member of the affiliated group that had

If the federal consolidated return includes companies not

taxable nexus with Alaska during the year.

included in the water’s edge combined group, then the federal

AMT and Credit for prior year minimum tax must be attributed

Do not list affiliated corporations that are not Alaska

based only upon those companies included in the water’s edge

taxpayers.

Only

corporations

represented

the

combined group.

Refer to Alaska regulation 15 AAC 20.135.

apportionment factor numerator should be identified as included

Attach schedule(s) showing the computation.

in the return. Report all affiliates having nexus with Alaska

whether or not the affiliate is included in this return or is a

Line 2: The credit for prior year minimum tax paid may not

member of the same unitary group as the taxpayer. List the

exceed the cumulative Alaska alternative minimum tax

taxpayer shown on page one as taxpayer number 1.

previously paid to Alaska since the 1987 tax year, net of prior

Sequentially number each listed taxpayer corporation.

years' alternative minimum tax credits.

Attach a schedule

showing prior years AMT paid and credits applied since 1987.

Column (c): The Alaska Department of Commerce, Community

and Economic Development Corporation File Number may be

SCHEDULE F - CREDITS

found on the corporation’s biennial report, Alaska Certificate of

Lines 1(b) and 5: Alaska allows the federal investment credit

Incorporation, or Certificate of Authority.

only to the extent attributable to Alaska property.

See AS

43.20.036(b). Subtract the total federal investment credit on

Column (e), Is this a report of a corporation that is inactive

line 1(b) and enter the portion of the federal investment credit

in Alaska?: See General Instructions on page 3 for

attributable to Alaska property, multiplied by 18%, on line 5.

- 7 -

Form 0405-611 - 2006 Alaska Corporation Net Income Tax Return Instructions Page 7

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