Instructions For Form 4626 - Alternative Minimum Tax-Corporations - 2017 Page 11
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12The ACE gain is less than the AMT
administration of any Internal Revenue
Exception. Independent oil and gas
gain.
law. Generally, tax returns and return
producers and royalty owners that
The ACE loss is more than the AMT
information are confidential, as required
figured their regular tax depletion
loss.
by section 6103.
deduction under section 613A(c) do not
The corporation had an ACE loss and
have an adjustment for ACE purposes.
The time needed to complete and file
an AMT gain.
this form will vary depending on
Line 9. Basis Adjustments in
individual circumstances. The estimated
Paperwork Reduction Act Notice.
burden for business taxpayers filing this
Determining Gain or Loss From
We ask for the information on this form
form is approved under OMB control
Sale or Exchange of Pre-1994
to carry out the Internal Revenue laws of
number 1545-0123 and is included in
the United States. You are required to
Property
the estimates shown in the instructions
give us the information. We need it to
If, during the tax year, the corporation
for their business income tax return.
ensure that you are complying with
disposed of property for which it is
these laws and to allow us to figure and
If you have comments concerning the
making (or previously made) any of the
collect the right amount of tax.
accuracy of these time estimates or
ACE adjustments, refigure the
suggestions for making this form
You are not required to provide the
property's adjusted basis for ACE. Then
simpler, we would be happy to hear
information requested on a form that is
refigure the property's gain or loss.
from you. See the instructions for the tax
subject to the Paperwork Reduction Act
return with which this form is filed.
Enter the difference between the
unless the form displays a valid OMB
AMT gain or loss (used to figure line 2e
control number. Books or records
of Form 4626) and the ACE gain or loss.
relating to a form or its instructions must
Enter the difference as a negative
be retained as long as their contents
amount if any of the following apply.
may become material in the
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