Instructions For Form 2220 - 2002 (Page 4 of 4) in pdf

period, the amusement park figures its taxable income for

the period May-October in 1999, 2000, and 2001. It then

Paperwork Reduction Act Notice. We ask for the

divides the taxable income for each May-October period

information on this form to carry out the Internal Revenue

by the total taxable income for that particular tax year.

laws of the United States. You are required to give us the

The resulting percentages are: 69% (.69) for

information. We need it to ensure that you are complying

May-October 1999, 74% (.74) for May-October 2000, and

with these laws and to allow us to figure and collect the

67% (.67) for May-October 2001. Because the average of

right amount of tax.

69%, 74%, and 67% is 70%, the base period percentage

You are not required to provide the information

for May through October 2002 is 70%. Therefore, the

requested on a form that is subject to the Paperwork

amusement park qualifies for the adjusted seasonal

Reduction Act unless the form displays a valid OMB

installment method.

control number. Books or records relating to a form or its

Line 30. Enter any other taxes (including AMT, as

instructions must be retained as long as their contents

figured below) the corporation owed for the months

may become material in the administration of any Internal

shown in each column directly above line 14. Include the

Revenue law. Generally, tax returns and return

same taxes used to figure line 4, Part II, of Form 2220,

information are confidential, as required by section 6103.

but do not include the personal holding company tax or

The time needed to complete and file this form will

interest due under the look-back method of section

vary depending on individual circumstances. The

460(b)(2) for completed long-term contracts or section

estimated average time is:

167(g) for property depreciated under the income

Learning about

Preparing and

forecast method.

the law

sending the form

Alternative minimum tax. Compute the AMT on

Form

Recordkeeping

or the form

to the IRS

Form 4626, if applicable. Figure AMTI based on the

2220

26 hr., 33 min.

1 hr., 5 min.

1 hr., 34 min.

corporation’s income and deductions for the months

2220, Schedule A, Part I

11 hr., 14 min.

18 min.

29 min.

shown in the column headings directly above line 14.

2220, Schedule A, Part II

23 hr., 26 min.

- - - -

22 min.

Divide the AMTI by the amounts shown on line 21 before

2220, Schedule A, Part III

5 hr., 1 min.

- - - -

4 min.

subtracting the exemption amount under section 55(d).

For columns (a) through (c) only, multiply the AMT

If you have comments concerning the accuracy of

determined by the amounts shown on line 28.

these time estimates or suggestions for making this form

simpler, we would be happy to hear from you. See the

Line 32. Enter the credits the corporation is entitled to

instructions for the tax return with which this form is filed.

for the months shown in each column above line 14.

Line 34. Before completing line 34 in columns (b)

through (d), complete lines 35 through 40 in each of the

preceding columns. For example, complete lines 35

through 40 in column (a) before completing line 34 in

column (b).

-4-

Instructions For Form 2220 - 2002 Page 4

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