Schedule P (100) - Alternative Minimum Tax And Credit Limitations - Corporations - 1998

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INCOME YEAR
Alternative Minimum Tax and
CALIFORNIA SCHEDULE
1998
Credit Limitations — Corporations
P (100)
Corporation name
California corporation number
Part I
Tentative Minimum Tax (TMT) and Alternative Minimum Tax (AMT) Computation
1 Net income (loss) after state adjustments. Enter the amount from Form 100, line 17 or Form 109, line 6 . . . . . . . . . .
1
2 Adjustments. See instructions
•
a Depreciation of tangible property placed in service after 1986 . . . . . . . . . . .
2a
b Amortization of certified pollution control facilities placed in service after 1986 . . . . .
2b
c Amortization of mining exploration and development costs incurred after 1987 . . . . .
2c
d Basis adjustments in determining gain or loss from sale or exchange of property . . .
2d
e Long-term contracts entered into after February 28, 1986. . . . . . . . . . . . . . . . .
2e
f
Installment sales of certain property . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2f
g Tax shelter farm activities (personal service corporations only) . . . . . . . . . . . . . .
2g
h Passive activities (closely held corporations and personal service corporations only) . .
2h
i
Certain loss limitations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2i
j
Beneficiaries of estates and trusts. Enter the amount from Schedule K-1 (541), line 8.
2j
k Merchant marine capital construction funds . . . . . . . . . . . . . . . . . . . . . . . . .
2k
l
Combine line 2a through line 2k . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2l
3 Tax preference items. See instructions
a Depletion. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3a
•
b Appreciated property charitable deduction . . . . . . . . . . . . . . . . . . . . . .
3b
c Intangible drilling costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3c
d
3d
Reserves for losses on bad debts of savings and loan associations, banks and financial corporations
e Accelerated depreciation of real property placed in service before 1987. . . . . . . . .
3e
f
Amortization of certified pollution control facilities placed in service before 1987 . . . .
3f
g Add line 3a through line 3f . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3g
4 Pre-adjustment alternative minimum taxable income (AMTI):
a Combine line 1, line 2l and line 3g . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4a
b Apportioned pre-adjustment AMTI. If income is derived from sources both within and outside of California,
see instructions. Otherwise, enter amount from line 4a . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4b
5 Adjusted current earnings (ACE) adjustment:
•
a Enter ACE. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5a
b Subtract line 4b from line 5a (even if one or both of the figures are negative).
If negative, use brackets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5b
c Multiply line 5b by 75% (.75) and enter the result as a positive number . . . . . . . . . . . . . . . . . . . . . . . . . .
5c
d
Enter the excess, if any, of the corporation’s total increases in AMTI from prior year ACE adjustments over its total
5d
reductions in AMTI from prior year ACE adjustments. Note: Enter an amount on line 5d (even if line 5b is positive) . . . . .
e ACE adjustment:
•
If line 5b is a positive amount or zero, enter the amount from line 5c on line 5e as a positive amount.
•
If line 5b is a negative amount, enter the smaller of line 5c or line 5d on line 5e as a negative amount . . . . . .
5e
6 Combine line 4b and line 5e. If zero or less, enter -0- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6
7 a Reduction for disaster loss carryover deduction, if any from Form 100, line 21 . . . . .
7a
•
b AMT net operating loss deduction (NOL). See instructions . . . . . . . . . . . . .
7b
c Combine line 7a and line 7b . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7c
8 AMTI. Subtract line 7c from line 6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8
9 Enter $40,000 exemption. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9
10 Enter $150,000 limitation. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10
11 Subtract line 10 from line 8. If zero or less, enter -0- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11
12 Multiply line 11 by 25% (.25). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12
13 Exemption. Subtract line 12 from line 9. If zero or less, enter -0- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
13
14 Subtract line 13 from line 8. If zero or less, enter -0- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14
15 Multiply line 14 by 6.65% (.0665) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
15
16
16
Banks and financial corporations. Multiply Form 100, line 22 by 2.00% (.0200).
See instructions . . . . . .
17 TMT. Add line 15 and line 16 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
17
18 Regular tax before credits. Enter amount from Form 100, line 23 or Form 109, line 7. See instructions . . . . . . . . . . .
18
19 AMT. Subtract line 18 from line 17. If zero or less, enter -0-. See instructions . . . . . . . . . . . . . . . . . . . . . . . . .
19
P10098109
Schedule P (100) 1998 Side 1

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