Form 8902 - Alternative Tax On Qualifying Shipping Activities

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8902
Alternative Tax on Qualifying Shipping Activities
Form
OMB No. 1545-1968
(December 2007)
Attach to the corporation’s income tax return.
Department of the Treasury
See separate instructions.
Internal Revenue Service
Name of corporation (common parent, if consolidated return)
Employer identification number
Name of subsidiary (if consolidated return)
Employer identification number
Section 1354 Election or Termination
Part I
A
The corporation previously made a valid and timely section 1354 election effective for the tax year
beginning
, 20
, and ending
, 20
.
B
The corporation is making a section 1354 election for this tax year and all succeeding tax years.
C
The corporation is revoking its election under section 1354(d)(1) for its tax year beginning
, 20
, and ending
, 20
.
D The corporation’s election was automatically terminated under section 1354(d)(2) because the corporation ceased to be a
qualifying vessel operator effective
, 20
.
Other Information (see instructions)
Part II
Yes
No
E Is the corporation a member of an electing group?
If “No,” skip item F and go to item G.
F If the answer to item E is “Yes”:
(1)
How many corporations are in the electing group?
(2)
Enter the number of vessels included under the election for the electing group
(3)
Does any member of the electing group have income from qualifying secondary activities or
Yes
No
qualifying incidental activities?
If “Yes,” attach to Form 8902 a worksheet that provides the information requested in item G for
each such member of the electing group.
G Enter the corporation’s gross income from:
(1)
Core qualifying activities
$
(2)
Qualifying secondary activities:
(a) Amount included in 20% limit
$
(b) Amount that exceeds the 20% limit
$
(3)
Qualifying incidental activities:
(a) Amount included in the 0.1% limit
$
(b) Amount that exceeds the 0.1% limit
$
H Gross income from qualifying shipping activities excluded from gross income on the
corporation’s income tax return. Add lines G(1), G(2)(a), and G(3)(a)
$
8902
For Paperwork Reduction Act Notice, see separate instructions.
Cat. No. 37711U
Form
(12-2007)

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