Fillable Form 8827 - Credit For Prior Year Minimum Tax - Corporations

8827

Credit for Prior Year Minimum Tax—Corporations

OMB No. 1545-0123

Form

2016

Attach to the corporation’s tax return.

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Department of the Treasury

Information about Form 8827 and its instructions is at

Internal Revenue Service

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Employer identification number

Name

Alternative minimum tax (AMT) for 2015. Enter the amount from line 14 of the 2015 Form 4626

Minimum tax credit carryforward from 2015. Enter the amount from line 9 of the 2015 Form 8827

Enter any 2015 unallowed qualified electric vehicle credit (see instructions) .

Add lines 1, 2, and 3 .

Enter the corporation’s 2016 regular income tax liability minus allowable tax credits (see

instructions) .

Is the corporation a “small corporation” exempt from the AMT for 2016 (see instructions)?

• Yes. Enter 25% of the excess of line 5 over $25,000. If line 5 is $25,000 or less, enter -0-

• No. Complete Form 4626 for 2016 and enter the tentative minimum tax from line 12

7 a Subtract line 6 from line 5. If zero or less, enter -0- .

b For a corporation electing to accelerate the minimum tax credit, enter the bonus depreciation

amount attributable to the minimum tax credit (see instructions) .

c Add lines 7a and 7b

8 a Enter the smaller of line 4 or line 7c. If the corporation had a post-1986 ownership change or

has pre-acquisition excess credits, see instructions .

b Current year minimum tax credit. Enter the smaller of line 4 or line 7a here and on Form 1120,

Schedule J, Part I, line 5d (or the applicable line of your return). If the corporation had a

post-1986 ownership change or has pre-acquisition excess credits, see instructions. If you

made an entry on line 7b, go to line 8c. Otherwise, skip line 8c .

c Subtract line 8b from line 8a. This is the refundable amount for a corporation electing to

accelerate the minimum tax credit. Include this amount on Form 1120, Schedule J, Part II, line

19c (or the applicable line of your return)

Minimum tax credit carryforward to 2017. Subtract line 8a from line 4. Keep a record of this

amount to carry forward and use in future years .

Instructions

Line 5

allowance, complete the Worksheet for

Calculating the Refundable Minimum Tax

Enter the corporation’s 2016 regular

Section references are to the Internal

Credit Amount, later in the instructions.

income tax liability (as defined in section

Revenue Code unless otherwise noted.

Enter the amount from line 9 of the

26(b)) minus any credits allowed under

worksheet on Form 8827, line 7b. All

What's New

Chapter 1, Subchapter A, Part IV, subparts

others, enter zero on line 7b.

B, D, E, and F of the Internal Revenue

Modifications to the election to accelerate

For fiscal year corporations with tax

Code (for example, if filing Form 1120,

the minimum tax credit in lieu of claiming

years beginning in 2015 and ending in

subtract any credits on Schedule J, Part I,

the bonus depreciation allowance apply to

line 5a, through 5c, from the amount on

2016, the limitation on the bonus

qualified property placed in service in tax

Schedule J, Part I, line 2).

depreciation amount is calculated

years ending after December 31, 2015. See

differently for property placed in service

Line 6

the instructions for line 7b.

during that fiscal year that is subject to

See the 2016 Instructions for Form 4626 to

section 168(k)(4), as amended by Public

Purpose of Form

find out if the corporation is treated as a

Law 114-113. The fiscal year corporation

Corporations use Form 8827 to figure the

“small corporation” exempt from the AMT

should modify the worksheet to reflect that

minimum tax credit, if any, for AMT

for 2016. If the corporation is a “small

different calculation. See section 168(k)(4),

incurred in prior tax years and to figure any

corporation” exempt from the AMT, see

as modified.

minimum tax credit carryforward.

section 38(c)(6) before completing line 6 for

If a partnership has a single corporate

special rules that apply to controlled

Who Should File

partner that owns (directly or indirectly)

corporate groups.

more than 50% of the capital and profits

Form 8827 should be filed by corporations

interests in the partnership at all times

Line 7b

that had:

during the tax year, then each partner

Election To Accelerate Minimum Tax

• An AMT liability in 2015,

takes into account its distributive share of

Credit in Lieu of Bonus Depreciation

partnership depreciation in determining its

• A minimum tax credit carryforward from

bonus depreciation amount. For more

2015 to 2016, or

A corporation can elect to claim unused

information, see section 168(k)(4)(D)(iii).

minimum tax credits in lieu of claiming the

• A qualified electric vehicle credit not

special depreciation allowance (bonus

For more information on the election to

allowed for 2015 (see the instructions for

depreciation) for qualified property (as

accelerate the minimum tax credit in lieu of

line 3).

defined in section 168(k)(2)) placed in

claiming the special depreciation

Line 3

service during the tax year. Once made,

allowance, see section 168(k)(4). For more

this election cannot be revoked without IRS

information on the special depreciation

Enter any qualified electric vehicle credit

consent.

allowance, see the Instructions for Form

not allowed for 2015 solely because of

4562 and Pub. 946, How To Depreciate

tentative minimum tax limitations.

If the corporation elects to accelerate the

Property.

minimum tax credit and obtain a refundable

credit in lieu of the special depreciation

8827

For Paperwork Reduction Act Notice, see instructions.

Form

(2016)

Cat. No. 13008K

Form 8827 - Credit For Prior Year Minimum Tax - Corporations - 2016

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