Form 104 Amt - Colorado Alternative Minimum Tax Computation Schedule - 2003 Page 2

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ALTERNATIVE MINIMUM TAX INSTRUCTIONS
FOR PART-YEAR AND NONRESIDENTS
In the case of a nonresident, the Colorado alternative
was a nonresident over the total modified federal alterna-
minimum tax shall be apportioned in the ratio of the
tive minimum taxable income.
modified federal alternative minimum taxable income from
Adjustments relative to the standard deduction and
Colorado sources to the total modified federal alternative
itemized deductions would be Colorado adjustments to
minimum taxable income.
the extent of the Colorado adjusted gross income ratio as
In the case of a part-year resident, the Colorado
determined on line 34 of Form 104PN. Other adjustments
alternative minimum tax shall be apportioned in the ratio of
would be Colorado adjustments to the extent they relate to
the modified federal alternative minimum taxable income
items of income from Colorado sources. Tax preference
applicable to that part of the year he was a resident plus the
items are Colorado items to the extent they relate to a
modified federal alternative minimum taxable income from
business being carried on in Colorado.
Colorado sources, if any, during that part of the year he
EXAMPLE: Taxpayers are nonresidents of Colorado. Their federal adjusted gross income is $100,000, $9,000 of which is
U.S. government interest. They have $4,800 of non-Colorado state bond interest. Their federal itemized deductions are
$31,100, and their federal exemptions are $6,100. $29,000 of their federal adjusted gross income is Colorado source
income. They have federal alternative minimum tax adjustments of $27,100 relating to itemized deductions. Their tax
preference items are $28,000, $24,000 of which relate to Colorado activities. Their Colorado alternative minimum tax
computation is as follows:
Colorado
Colorado
Total
Portion
Percentage
1.
Federal adjusted gross income .......................................................................... $100,000 ......... $29,000
2.
State interest addition ............................................................................................... 4,800
3.
Total .................................................................................................................... $104,800 ......... $29,000
4.
U.S. interest subtraction ........................................................................................... 9,000
5.
Modified federal A.G.I. .......................................................................................... $95,800 ......... $29,000 ........ 30.27%
6.
Federal itemized deductions ................................................................................... 31,100
7.
Federal exemptions .................................................................................................. 6,100
8.
Modified federal taxable income ........................................................................... $58,600
9.
Normal tax at 4.63% ............................................................................................... $2,713
10.
Prorated at 30.27% ............................................................................................................................ $821
11.
Modified federal taxable income from line 8 ......................................................... $58,600 ......... $17,738 ........ 30.27%
12.
Exemption addback .................................................................................................. 6,100 ............. 1,846 ........ 30.27%
13.
Modified federal line 36 amount ........................................................................... $64,700 ......... $19,584
14.
Adjustments ............................................................................................................ 27,100 ............. 8,203 ........ 30.27%
15.
Preferences ............................................................................................................ 28,000 ........... 24,000
16.
Modified federal alternative minimum taxable income (lines 13, 14 and 15) ...... $119,800 ......... $51,787 ........ 43.23%
17.
Federal alternative minimum tax exemption ........................................................... 58,000
18.
Net ........................................................................................................................ $61,800
19.
Alternative minimum tax @ 3.47% ......................................................................... $2,144
20.
Prorated at 43.23% ............................................................................................................................ $927
21.
Minus normal tax ................................................................................................................................. 821
22.
Colorado alternative minimum tax ..................................................................................................... $106

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