Form 43-002 - Ia Franchise Schedule 4626f - Computation Of Minimum Tax

Form 43-002 - Ia Franchise Schedule 4626f - Computation Of Minimum Tax - 2012 Page 2

IA Schedule 4626F:

Computation of Minimum Tax

Line 2 - Enter the total amount from line 2a through 2o of federal form 4626.

Line 3 - Enter the applicable amounts from lines 2l and 2m of federal form 4626.

Line 4 - Subtract line 3c from line 2.

Line 6 - Enter the amount of adjusted current earnings adjustment shown on line 4e of the federal form 4626.

Enter on line 6a, 75% of the tax exempt interest amount from line 3a of the Adjusted Current

Earnings Worksheet.

Line 11 - The net operating loss entered here must be reduced by the amount of items of tax preferences and

adjustments arising in the year of the net operating loss. The deduction for a net operating loss

applied to the current taxable year cannot exceed 90% of the alternative minimum taxable income

determined without regard for the net operating loss deduction on line 11. In effect, the deduction is

limited to 90% of line 10.

Line 13 - The exemption amount of $40,000 must be reduced, but not below zero, by 25% of the amount that

line 12 exceeds $150,000.

Line 17 - If line 15 is greater than line 16, enter the difference as your Iowa alternative minimum tax here and on

the IA 1120F, line 14. If line 15 is less than line 16, enter zero here and on IA 1120F, line 14.

The federal 4626 must be attached to this return.

IA Schedule 8827F:

Computation of Minimum Tax Credit

Form 8827F should be completed to compute the alternative minimum tax credit, if any, for alternative

minimum tax incurred in prior tax years and to compute any alternative minimum tax credit carryforward that

may be used in future tax years.

Line 1 - Enter carryforward of alternative minimum tax credit from line 8 of your prior-year Schedule IA 8827F.

Line 2 - Enter the current period regular tax liability minus allowable nonrefundable credits.

Line 3 - Enter the current period Iowa tentative minimum tax, line 15 of your Schedule IA 4626F.

Line 4 - Subtract line 3 from line 2. If zero or less, enter zero.

Line 5 - Enter the smaller of line 1 or line 4 here and on line 16 of the current period form 1120F.

Line 6 - Subtract line 5 from line 1 and enter the difference.

Line 7 - Enter the current period alternative minimum tax from line 17 of IA 4626F.

Line 8 - Add lines 6 and 7 and enter the total.

43-002b (07/14/10)

Form 43-002 - Ia Franchise Schedule 4626f - Computation Of Minimum Tax - 2012 Page 2