Form Ri-1041 - Rhode Island Fiduciary Income Tax Return - 2007 Page 3
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5RI-1041
2007
FIDUCIARY ALTERNATIVE MINIMUM TAX
Name of Estate or Trust
Federal Identification Number
PART 1
ALTERNATIVE MINIMUM TAX
1.
1.
Federal Alternative Minimum Taxable Income from Federal Form 1041, Schedule I, line 29.........................................................
2.
2.
Exemption - if line 1 is LESS than $82,150; enter $24,650. Otherwise, complete the exemption worksheet on page 10 ............
3.
3.
Subtract line 2 from line 1................................................................................................................................................................
4.
If you figured the tax on RI-1041, Schedule D, complete part 2 and enter the amount from line 55 here. If you figured the tax
using the fiduciary tax rate schedule and line 3 is less than $175,000 then multiply line 3 by 6.5% (.0650). Otherwise, multi-
ply line 3 by 7% (.0700) and subtract $875 from the result.............................................................................................................
4.
5.
Alternative minimum tax foreign tax credit - Federal Form 1041, Schedule I, line 53.........................
5.
6.
RI Rate.................................................................................................................................................
6.
25%
7.
Alternative minimum foreign tax credit - multiply line 5 by line 6....................................................................................................
7.
8.
8.
Tentative minimum tax - subtract line 7 from line 4.........................................................................................................................
9.
RI tax from RI-1041, page 1, line 8A...................................................................................................
9.
10.
Foreign tax credit from Federal Form 1041, Schedule G, line 2a...........
10.
11.
RI Rate....................................................................................................
11.
25%
12.
Multiply line 10 by line 11.....................................................................................................................
12.
13.
RI income tax less foreign tax credit - subtract line 12 from line 9..................................................................................................
13.
14.
RI Alternative minimum tax - subtract line 13 from line 8
(If zero or less, enter
zero). Enter here and on RI-1041, page 1, line 9.
14.
PART 2
ALTERNATIVE MINIMUM TAX USING MAXIMUM CAPITAL GAINS RATES
PRIMARY TAX CALCULATION
15.
15.
Enter the amount from line 3 above................................................................................................................................................
16.
Enter the amount from RI-1041 Schedule D Tax WORKSHEET, line 9
(refigured for AMT, if necessary)
............................................................
16.
17.
Enter the amount from RI-1041 Schedule D Tax WORKSHEET, line 7
(refigured for AMT, if necessary)
.............................................................
17.
18.
Enter the amount from RI-1041 Schedule D, line 22, column (e)
(refig-
18.
ured for AMT, if necessary)
.....................................................................
19.
Add lines 16, 17 and 18 .........................................................................
19.
20.
Enter the amount from RI-1041 Schedule D Tax WORKSHEET, line 4
(refigured for AMT, if necessary)
............................................................. 20.
21.
Enter the SMALLER of line 19 or line 20 ............................................... 21.
Enter the SMALLER of line 15 or line 21 ............................................... 22.
22.
23.
Subtract line 22 from line 15
(If zero or less, enter
zero.)................................................................... 23.
If line 23 is less than $175,000 then multiply line 23 by 6.5% (.0650). Otherwise, multiply line 23 by 7% (.0700) and subtract
24.
$875 from the result........................................................................................................................................................................
24.
2.5% BRACKET
25.
Enter the amount from RI-1041 Schedule D Tax WORKSHEET, line 16
(refigured for AMT, if necessary)
.............................................................
25.
26.
Enter the amount from RI-1041 Schedule D Tax WORKSHEET, line 17
(refigured for AMT, if necessary)
.............................................................
26.
27.
Enter the SMALLER of line 25 or line 26.............................................................................................
27.
28.
Multiply line 27 by .83% (.0083).......................................................................................................................................................
28.
29.
Subtract line 26 from line 25
(If zero or less, enter zero.)
...................................................................
29.
30.
Multiply line 29 by 2.5% (.0250) ......................................................................................................................................................
30.
CONTINUED ON NEXT PAGE
Page 8
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