Instructions For Form 4626 - Alternative Minimum Tax - Corporations - 1992 Page 7
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2
3
4
5
6
7the amount recomputed for AMT purposes,
ACE purposes and then recompute the
The gain recomputed for ACE purposes is
enter the result as a negative amount.
property’s gain or loss.
less than the gain recomputed for AMT
purposes, OR
Line 9. Basis adjustments in determining
Enter the difference between the gain or
gain or loss from sale or exchange of
loss recomputed for AMT purposes (in
The loss recomputed for ACE purposes is
property.—If, during the tax year, the
arriving at the adjustment to enter on line 2e
more than the loss recomputed for AMT
corporation disposed of property for which it
of Form 4626) and the recomputed gain or
purposes, OR
is making (or has previously made) any of the
loss for ACE purposes. Enter the difference
You recomputed a loss for ACE purposes
ACE adjustments described in section 56(g),
as a negative amount if:
and recomputed a gain for AMT purposes.
recompute the property’s adjusted basis for
Adjusted Current Earnings Worksheet
See ACE Worksheet Instructions (which begin on page 5).
1
1
Pre-adjustment AMTI (enter the amount from line 4 of Form 4626)
2
ACE depreciation adjustment:
2a
a
Depreciation expense recomputed for AMT purposes
b
Depreciation expense recomputed for ACE purposes:
2b(i)
(i)
Post-1989 property
2b(ii)
(ii)
Pre-1990 MACRS property
2b(iii)
(iii)
Pre-1990 original ACRS property
(iv)
Property
described
in
sections
2b(iv)
168(f)(1) through (4)
2b(v)
(v)
Other property
(vi)
Total depreciation expense recomputed for ACE purposes (add
2b(vi)
lines 2b(i) through 2b(v))
2c
c
ACE depreciation adjustment (subtract line 2b(vi) from line 2a)
3
Inclusion in ACE of items included in earnings and profits (E&P):
3a
a
Tax-exempt interest income
3b
b
Death benefits from life insurance contracts
3c
All other distributions from life insurance contracts (including surrenders)
c
3d
d
Inside buildup of undistributed income in life insurance contracts
e
Other items (see Regulations sections 1.56(g)-1(c)(6)(iii) through (ix)
3e
for a partial list)
3f
f
Total increase to ACE due to inclusion in ACE of items included in E&P (add lines 3a through 3e)
4
Disallowance of items not deductible in computing E&P:
4a
a
Certain dividends received
b
Dividends paid on certain preferred stock of public utilities that are
4b
deductible under section 247
4c
c
Dividends paid to an ESOP that are deductible under section 404(k)
d
Nonpatronage dividends that are paid and deductible under section
4d
1382(c)
e
Other items (see Regulations sections 1.56(g)-1(d)(3)(i) and (ii) for a
4e
partial list)
f
Total increase to ACE due to disallowance of items not deductible in computing E&P (add lines
4f
4a through 4e)
5
Other adjustments based on rules for computing E&P:
5a
a
Intangible drilling costs
5b
b
Circulation expenditures
5c
c
Organizational expenditures
5d
LIFO inventory adjustments
d
5e
e
Installment sales
5f
f
Total other E&P adjustments (combine lines 5a through 5e)
6
6
Disallowance of loss on exchange of debt pools
7
7
Acquisition expenses of life insurance companies for qualified foreign contracts
8
8
Depletion
9
9
Basis adjustments in determining gain or loss from sale or exchange of property
10
Adjusted current earnings. Combine lines 1, 2c, 3f, 4f, and 5f through 9. Enter the result here
and on line 5a of Form 4626
10
Page 7
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