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

Form 8827 (2012)

Page

Worksheet for Calculating the Refundable Minimum Tax Credit Amount (keep for your records)

(a)

(b)

Enter depreciation (including the special depreciation allowance) that would have been

Round 2

Round 3

allowed for round 2 extension property placed in service during the tax year, or round 3

extension property

extension property placed in service after December 31, 2012, if section 168(k)(1) and

section 168(k)(5), as appropriate, had applied to such property .

Enter depreciation for round 2 extension property placed in service during the tax year, or

round 3 extension property placed in service after December 31, 2012, figured without

regard to section 168(k)(1) and section 168(k)(5), as appropriate .

Subtract line 2 from line 1

Multiply line 3 by 20%

Enter any unused minimum tax credit carryforward from tax years beginning before 2006 .

Multiply line 5 by 6% .

Enter the smaller of line 6 or $30,000,000

Enter any bonus depreciation amounts determined under section 168(k)(4)(C) attributable

to round 2 extension property or round 3 extension property as appropriate, for all

preceding tax years ending after December 31, 2010

Subtract line 8 from line 7. If zero or less, enter -0- .

Bonus depreciation amount. Enter the smaller of line 4 or line 9 .

Enter the amount from line 8 allocated to the minimum tax credit carryforward shown on

line 5

Maximum bonus depreciation amount allocable to the minimum tax credit. Subtract line 11

from line 5

Refundable minimum tax credit. Enter the smaller of line 12 or line 10 in appropriate

columns. Enter the total of line 13, columns (a) and (b) on Form 8827, line 7b

the original election to round 3 extension

S corporations that make the election to

Paperwork Reduction Act Notice. We ask

property.

accelerate the credit can use the credit only

for the information on this form to carry out

against the built-in gains tax. See the

the Internal Revenue laws of the United

Generally, round 3 extension property is

instructions for Schedule D (Form 1120S).

States. You are required to give us the

property that is eligible qualified property

Corporations that file Form 1120-REIT or

information. We need it to ensure that you are

solely because it meets the requirements

Form 1120-RIC must apply the credit first

complying with these laws and to allow us to

under the extension of the additional special

against the built-in gains tax, if any, and

figure and collect the right amount of tax.

depreciation allowance to certain property

reduce the refundable credit by the amount

placed in service after December 31, 2012,

You are not required to provide the

so applied. See the instructions for the Built-in

and before January 1, 2014. See section

information requested on a form that is

Gains Tax Worksheet in the separate

168(k)(4)(J).

subject to the Paperwork Reduction Act

instructions for those forms.

unless the form displays a valid OMB control

If the corporation did not make the election

number. Books or records relating to a form

Line 8

for either its first tax year ending after March

or its instructions must be retained as long as

31, 2008, its first tax year ending after

If the corporation had a post-1986 ownership

their contents may become material in the

December 31, 2008, or its first tax year ending

change (as defined in section 382(g)), there

administration of any Internal Revenue law.

after December 31, 2010, the corporation may

may be a limit on the amount of pre-change

Generally, tax returns and return information

elect, for its first tax year ending after

minimum tax credits that can be applied

are confidential, as required by section 6103.

December 31, 2012, to claim pre-2006

against the corporation’s tax for any tax year

The time needed to complete and file this

unused minimum tax credits in lieu of claiming

ending after the ownership change. See

form will vary depending on individual

the special depreciation allowance for round 3

section 383 and the related regulations. To

circumstances. The estimated average time

extension property.

figure the amount of the pre-change credit,

is: Recordkeeping, 8 hr., 07 min., Learning

the corporation must allocate the credit for

Once made, the elections cannot be

about the law or the form, 1 hr., 47 min.,

the change year between the pre-change

revoked without IRS consent.

Preparing and sending the form to the IRS,

period and the post-change period. The

If the corporation elects to accelerate the

2 hr., 00 min.

corporation must use the same method of

minimum tax credit and obtain a refundable

allocation (ratable allocation or closing-of-the-

If you have comments concerning the

credit in lieu of the special depreciation

books) for purposes of sections 382 and 383.

accuracy of these time estimates, or

allowance, complete the Worksheet for

See Regulations section 1.382-6 for details.

suggestions for making this form simpler, we

Calculating the Refundable Minimum Tax

would be happy to hear from you. See the

Credit Amount above. Enter the total of line

Also, there may be a limit on the use of

instructions for the tax return with which this

13, columns (a) and (b), of the worksheet on

pre-acquisition excess credits of one

form is filed.

Form 8827, line 7b. All others, enter zero on

corporation to offset the tax attributable to

line 7b.

recognized built-in gains of another

corporation. See section 384 for details.

For more information on the elections to

accelerate the minimum tax credit in lieu of

If either limit applies, attach a computation

claiming special depreciation allowance, see

of the allowable minimum tax credit, enter the

section 168(k)(4). For more information on the

amount on lines 8a and 8b, and write “Sec.

special depreciation allowance, see the

383” or “Sec. 384” in the dotted line to the left

Instructions for Form 4562 and Pub. 946, How

of the line 8a and 8b entry spaces.

To Depreciate Property.

Form 8827 - Credit For Prior Year Minimum Tax - Corporations - 2012 Page 2

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