Schedule O Individual - Alternate Basic Tax - Government Of Puerto Rico - 2011

Schedule O Individual

ALTERNATE BASIC TAX

2011

Rev. Mar 9 12

Taxable year beginning on _____________________, __________ and ending on _____________________, __________

Social Security Number

Fill in one:

Taxpayer's name

(01)

1 Taxpayer

2 Spouse

3 Both

Part I

Determination of Net Income Subjet to Alternate Basic Tax

91

1.

Adjusted Gross Income (Part 1, line 5 of the return or line 6, Column B or C of Schedule CO Individual, as applicable) …..................

00

(02)

Add: Other deductions from industry or business (Schedule K Individual, Part III, line 25) ……………………………................………

2.

00

(03)

3.

Add: Other deductions from farming (Schedule L Individual, Part III, line 25) (See instructions) ……………………….................….…..

00

(04)

4.

Add: Other deductions from professions and commissions (Schedule M Individual, Part III, line 25) ………………….…..................….

00

(05)

Add: Other deductions from rental business (Schedule N Individual, Part III, line 21) (See instructions) ……………………..................….…

5.

00

(06)

6.

Add: Deductions granted under special acts not contemplated under Sections 1033.15 and 1033.16 of the Code ……...................….

00

(07)

7.

Add: Adjustment for determination of the share in the profit or loss from certain special partnerships under the percentage of completion

method (Form 480.6 SE. See instructions) ...................................………………………………………..............…………..

00

(08)

8.

Add: Excluded and exempt income (Schedule IE Individual, Part III, line 2) ………………………………………..............……...........

00

(09)

Add lines 1 through 8 ..........................................................................................................................................................................

9.

00

(10)

10.

Less: Deductions and personal exemptions (Part 2, line 11 of the return or line 13, Column B or C of Schedule CO Individual, as applicable)

00

(11)

11.

Net Income Subject to Alternate Basic Tax (Subtract line 10 from line 9. If this line is less than $150,000, do not continue. You are not subject

to alternate basic tax) ….....…………………………………………………………………….........................................…….

00

(12)

Part II

Alternate Basic Tax Computation

1.

Regular tax for purposes of the alternate basic tax:

(a) Tax as per table and on income subject to preferential tax rates (Line 13 of the return or line 15, Column

00

B or C of Schedule CO Individual, as applicable) ……………………………………................................……

(13)

00

(b) Gradual Adjustment (Line 14 of the return or line 16, Column B or C of Schedule CO Individual, as applicable) ...............

(14)

00

2.

Total Regular Tax (Add lines 1(a) and 1(b)) ……….…………………………………………….............…………

(15)

3.

00

Credit for taxes paid to the United States, its possessions and foreign countries (Schedule C Individual) …....................................…

(16)

4.

00

Net regular tax (Subtract line 3 from line 2) ………....................................................……………………………………………………

(17)

5.

Determine the Alternate Basic Tax as follows:

If the Net Income Subject to Alternate Basic Tax (Line 11 of Part I) is:

(a) From $150,000 to $250,000, multiply line 11 of Part I by 10%.

(b) Over $250,000 but not over $500,000, multiply line 11 of Part I by 15%.

(c) Over $500,000, multiply line 11 of Part I by 20%.

00

This is your Alternate Basic Tax (Enter the corresponding amount on this line) …………………….............……………………………

(18)

00

6.

Credit for taxes paid to the United States, its possessions and foreign countries (See instructions) ….................................................

(19)

00

7.

Net alternate basic tax (Subtract line 6 from line 5) ………………………………………......................................………………………

(20)

8.

Excess of Net Alternate Basic Tax over Net Regular Tax (Subtract line 4 from line 7. If line 4 is larger than line 7, enter zero. If line

7 is larger than line 4, enter the difference here and transfer to Part 3, line 18 of the return or line 20, Column B or C of Schedule CO

00

Individual, as applicable) ………............................................................................................................................…………………………

(30)

Retention Perood: Ten (10) years