California Schedule P (Form 541) - Alternative Minimum Tax And Credit Limitations-Fiduciaries

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Alternative Minimum Tax and

TAXABLE YEAR

CALIFORNIA SCHEDULE

2011

P (541)

Credit Limitations — Fiduciaries

Attach this schedule to Form 541.

Names as shown on Form 541

FEIN

Part I Fiduciary’s Share of Alternative Minimum Taxable Income (AMTI)

Adjusted total income (or loss). Enter the amount from Form 541, line 17 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2 Net operating loss (NOL) deduction, if any from Form 541, line 15a. Enter as a positive amount . . . . . . . . . . . . . . . . . . . . . . . . . . 2

3 Add line 1 and line 2, enter total. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

Adjustments and tax preference items:

4 a Interest. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . a

b Personal property taxes and real property taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b

c Miscellaneous itemized deductions from Form 541, line 15b. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . c

(

)

d Refund of personal property taxes and real property taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . d

e Depreciation of property placed in service after 1986 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . e

Circulation and research and experimental expenditures paid or incurred after 1986 . . . . . . . . . . . f

g Mining exploration and development costs paid or incurred after 1986. . . . . . . . . . . . . . . . . . . . . . g

h Long-term contracts entered into after February 28, 1986. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . h

Amortization of pollution control facilities placed in service after 1986 . . . . . . . . . . . . . . . . . . . . . . i

Installment sales of certain property . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . j

k Adjusted gain or loss (including incentive stock options) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . k

Certain loss limitations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . l

m Tax shelter farm activities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . m

n Passive activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . n

o Beneficiaries of other trusts or decedent’s estates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . o

p Depletion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . p

q Intangible drilling costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . q

California qualified stock options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . r

s Other adjustments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . s

5 Combine line 4a through line 4s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

6 Add line 3 and line 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

Alternative minimum taxable income deduction and exclusion:

7 a Alternative minimum tax NOL deduction. See instructions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7a

b AMTI exclusion. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7b

c Add line 7a and 7b, enter total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7c

8 Adjusted alternative minimum taxable income. Subtract line 7c from line 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

9 Income distribution deduction from Part II, line 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9

0 Fiduciary’s share of alternative minimum taxable income. Subtract line 9 from line 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .0

If line 0 is $40,836 or less and you are not claiming any credits, do not complete Part III and Part IV of this schedule.

Schedule P (541) 2011 Side

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