TAXABLE YEAR
Alternative Minimum Tax and
CALIFORNIA FORM
1998
Credit Limitations — Fiduciaries
P (541)
Attach this schedule to Form 541.
Name(s) as shown on Form 541
Federal employer identification number
–
Part I Fiduciary’s Share of Alternative Minimum Taxable Income (AMTI)
1 Adjusted total income (or loss). Enter the amount from Form 541, line 17. . . . . . . . . . . . . . . . . . . . . . . . . . . .
1
2 Net operating loss deduction, if any, from Form 541, line 15a. Enter as a positive amount . . . . . . . . . . . . . . . . . .
2
3 Add line 1 and line 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3
Adjustments and tax preference items:
4 a Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4a
b Personal property taxes and real property taxes . . . . . . . . . . . . . . . . . . . . . .
4b
c Miscellaneous itemized deductions from Form 541, line 15b . . . . . . . . . . . . . . .
4c
(
)
d Refund of personal property taxes and real property taxes . . . . . . . . . . . . . . . .
4d
e Depreciation of property placed in service after 1986 . . . . . . . . . . . . . . . . . . .
4e
f
Circulation and research and experimental expenditures paid or incurred after 1986 . .
4f
g Mining exploration and development costs paid or incurred after 1986 . . . . . . . . .
4g
h Long-term contracts entered into after February 28, 1986. . . . . . . . . . . . . . . . .
4h
i
Amortization of pollution control facilities placed in service after 1986 . . . . . . . . . .
4i
j
Installment sales of certain property . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4j
k Adjusted gain or loss (including incentive stock options) . . . . . . . . . . . . . . . . .
4k
l
Certain loss limitations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4l
m Tax shelter farm activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4m
n Passive activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4n
o Beneficiaries of other trusts or decedent’s estates . . . . . . . . . . . . . . . . . . . . .
4o
p Appreciated property charitable deduction. . . . . . . . . . . . . . . . . . . . . . . . . .
4p
q Depletion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4q
r Accelerated depreciation of real property placed in service before 1987 . . . . . . . . .
4r
s Accelerated depreciation of leased personal property placed in service before 1987 . .
4s
t
Intangible drilling costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4t
u California qualified stock options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4u
v Other adjustments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4v
5 Combine line 4a through line 4v . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5
6 Add line 3 and line 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6
Alternative minimum taxable income deduction and exclusion:
7 a Alternative minimum tax NOL deduction. Do not enter more than 90% of line 6.
See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7a
b AMTI exclusion. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7b
c Add line 7a and line 7b . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7c
8 Adjusted alternative minimum taxable income. Subtract line 7c from line 6 . . . . . . . . . . . . . . . . . . . . . . . . . . .
8
9 Income distribution deduction from Part II, line 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9
10 Fiduciary’s share of alternative minimum taxable income. Subtract line 9 from line 8 . . . . . . . . . . . . . . . . . . . . .
10
If line 10 is $28,630 or less and you are not claiming any credits, do not complete Part III and Part IV of this schedule.
P54198109
Schedule P (541) 1998 Side 1