Schedule O Individual - Alternate Basic Tax
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1Schedule O Individual
Rev. 05.02
ALTERNATE BASIC TAX
200__
Taxable year beginning on ______________, _____ and ending on _____________, _____
Taxpayer's name
Social Security Number
1.
91
Adjusted Gross Income (Enter the amount from
Part 2, line 5 of the return)................................................................................................
(01)
00
2.
Less:
(a)
Ordinary and necessary expenses..................
(02)
00
(b)
Long-term capital gain...................................
00
(03)
00
(c)
Total...............................................................................................................
(04)
3.
Adjusted Gross Income for purposes of the Alternate Basic Tax
00
(Subtract line 2(c) from line 1)...........................................................................................
(05)
4.
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,
00
and line 16 from Part 4 of the return)..................................................................................
(06)
5.
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 to $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),
multiply line 3 by 20%.
6.
This is your Alternate Basic Tax (Enter the corresponding amount on this line).....................
(07)
00
Excess of Alternate Basic Tax over Regular Tax (Subtract line 4 from line 5.
If line 4 is larger than line 5, enter zero. If line 5 is larger than line 4,
enter the difference here and transfer to Part 4, line 17 of the return)....................................
(10)
00
Conservation Period: Ten (10) years
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