Form 1120-W (Worksheet) - Estimated Tax For Corporations - Department Of The Treasury - 2001 Page 5
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Form 1120-W (WORKSHEET) 2001
Page
Each member of the group must enter on line 12 its share of the
during the year because, for example, it operates its business on a
smaller of (a) 5% of the taxable income in excess of $100,000, or
seasonal basis, it may be able to lower the amount of one or more
(b) $11,750.
required installments by using the annualized income installment
method and/or the adjusted seasonal installment method. For
Line 13
example, a ski shop, which receives most of its income during the
winter months, may be able to benefit from using one or both of
Additional 3% tax. If the additional 3% tax applies, each member of
these methods in figuring one or more of its required installments.
the controlled group must enter on line 13 its share of the smaller of
To use one or both of these methods to figure one or more
(a) 3% of the taxable income in excess of $15 million, or
required installments, use Schedule A on pages 2 and 3. If Schedule
(b) $100,000. See Line 12 on page 4.
A is used for any payment date, it must be used for all payment due
Line 15
dates. To arrive at the amount of each required installment,
Schedule A automatically selects the smallest of (a) the annualized
Note: Skip this line if the corporation is treated as a “small
income installment, (b) the adjusted seasonal installment (if
corporation” exempt from the AMT under section 55(e).
applicable), or (c) the regular installment under section 6655(d)(1)
Alternative minimum tax (AMT) is generally the excess of tentative
(increased by any recapture of a reduction in a required installment
minimum tax for the tax year over the regular tax for the tax year.
under section 6655(e)(1)(B)).
See section 55 for definitions of tentative minimum tax and regular
Large corporations. A large corporation is a corporation that had,
tax. A limited amount of the foreign tax credit, as refigured for the
or its predecessor had, taxable income of $1 million or more for any
AMT, is allowed to reduce the tentative minimum tax.
of the 3 tax years immediately preceding the 2001 tax year. For this
purpose, taxable income is modified to exclude net operating loss or
Line 17
capital loss carrybacks or carryovers. Members of a controlled
group, as defined in section 1563, must divide the $1 million amount
For information on tax credits the corporation may take, see the
among themselves according to rules similar to those in section
Instructions for Form 1120, lines 6a through 6f, Schedule J (Form
1561.
1120-A, lines 4a and 4b, Part I), or the instructions for the applicable
If the annualized income installment method or adjusted seasonal
lines and schedule of other income tax returns.
installment method is not used, follow the instructions below to
Special rule for the research credit. All or part of the research
figure the amounts to enter on line 25. (If the annualized income
credit may not be allowed when figuring certain required
installment method and/or the adjusted seasonal installment method
installments. The credit attributable to the second suspension period
are used, these instructions apply to line 37 of Schedule A.)
(defined below) cannot be used to reduce any required installment
● If line 22 is smaller than line 23a: Enter 25% of line 22 in
due before October 1, 2001. Instead, the research credit attributable
columns (a) through (d) of line 25.
to the second suspension period is allowed in full as if it were an
installment payment made on October 1, 2001. For the 2001 tax
● If line 23a is smaller than line 22: Enter 25% of line 23a in
year, the second suspension period begins January 1, 2001, (or the
column (a) of line 25. In column (b), determine the amount to enter
beginning of the corporation’s tax year if later) and ends September
as follows:
30, 2001. The credit attributable to a suspension period is figured by
1. Subtract line 23a from line 22,
multiplying the total research credit for the tax year by the ratio of (a)
2. Add the result to the amount on line 22, and
the number of months in the suspension period that are included in
the tax year to (b) the number of months in the tax year.
3. Multiply the result in 2 above by 25% and enter the result in
column (b).
Line 21
Enter 25% of line 22 in columns (c) and (d).
See Form 4136, Credit for Federal Tax Paid on Fuels, to find out if
Schedule A
the corporation qualifies to take this credit. Include on line 21 any
credit the corporation is claiming under section 4682(g)(2) for tax on
If only the annualized income installment method (Part I) is used,
ozone-depleting chemicals.
complete Parts I and III of Schedule A. If only the adjusted seasonal
installment method (Part II) is used, complete Parts II and III. If both
Line 23a
methods are used, complete all three parts. Enter in each column on
Figure the corporation’s 2000 tax in the same way that line 22 of this
line 25, page 1, the amounts from the corresponding column of
worksheet was figured, using the taxes and credits from the 2000
line 41.
income tax return.
Do not figure any required installment until after the end of
If a return was not filed for the 2000 tax year showing a liability for
the month preceding the due date for that installment.
at least some amount of tax, or if the 2000 tax year was for less
than 12 months, do not complete line 23a. Instead, skip line 23a
Part I—Annualized Income Installment Method
and enter the amount from line 22 on line 23b. Large corporations,
see the instructions for line 25 below.
Line 1
Line 24
Annualization periods. Enter in the space on line 1, columns (a)
through (d), respectively, the annualization periods that the
Calendar year taxpayers: Enter 4-16-2001, 6-15-2001, 9-17-2001,
corporation is using, based on the options listed below. For example,
and 12-17-2001, respectively, in columns (a) through (d).
if the corporation elects Option 1, enter on line 1 the annualization
Fiscal year taxpayers: Enter the 15th day of the 4th, 6th, 9th, and
periods 2, 4, 7, and 10, in columns (a) through (d), respectively.
12th months of your tax year in columns (a) through (d).
Use Option 1 or Option 2 only if the corporation elected to
If the regular due date falls on a Saturday, Sunday, or legal
use one of these options by filing Form 8842, Election To
holiday, enter the next business day.
Use Different Annualization Periods for Corporate
Estimated Tax, on or before the due date of the first
Line 25
required installment payment. Once made, the election is irrevocable
for the particular tax year.
Payments of estimated tax should reflect any 2000 overpayment that
the corporation chose to credit against its 2001 tax. The
1st
2nd
3rd
4th
overpayment is credited against unpaid required installments in the
Installment
Installment
Installment
Installment
order in which the installments are required to be paid.
Standard option
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3
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Annualized income installment method and/or adjusted seasonal
installment method. If the corporation’s income is expected to vary
Option 1
2
4
7
10
Option 2
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