Schedule O Individual - Alternate Basic Tax - 2004 printable pdf download

Schedule O Individual

Rev. 05.04

ALTERNATE BASIC TAX

2004

Taxable year beginning on _________________, _____ and ending on ________________, _____

Social Security Number

Taxpayer's name

Adjusted Gross Income (Enter the amount from

Part 2, line 5 of the return) .......................................................................................................................................

(01)

Less:

(a)

Ordinary and necessary expenses .....................................

(02)

(b)

Long-term capital gain .........................................................

(03)

(c)

Total .............................................................................................................................................

(04)

Adjusted Gross Income for purposes of the Alternate Basic Tax

(Subtract line 2(c) from line 1) ..................................................................................................................................

(05)

Regular Tax (The sum of lines 15 and 16 from Part 4 of the return,

or the sum of the tax determined on line 6 of Schedule D2 Individual, if applicable,

and line 16 from Part 4 of the return) .......................................................................................................................

(06)

Determine the Alternate Basic Tax as follows:

If the Adjusted Gross Income (line 3) is:

(a)

$75,000 but not over $125,000 ($37,500 but not over $62,500, if married filing

separate return), multiply line 3 by 10%.

(b)

Over $125,000 but not over $175,000 (over $62,500 but not over

$87,500, if married filing separate return),

multiply line 3 by 15%.

(c)

Over $175,000 (over $87,500, if married filing separate return),