Instructions For Form 4626 - Alternative Minimum Tax-Corporations - 2017 Page 12
ADVERTISEMENT
1
2
3
4
5
6
7
8
9
10
11
12Adjusted Current Earnings (ACE) Worksheet
Keep for Your Records
▶
See ACE Worksheet Instructions.
1
Pre-adjustment AMTI . Enter the amount from line 3 of Form 4626
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1
2
ACE depreciation adjustment:
a AMT depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2a
b ACE depreciation:
(1)
Post-1993 property . . . . . . . . . . . . . . . . . . . . .
2b(1)
(2)
Post-1989, pre-1994 property . . . . . . . . . . . . . .
2b(2)
(3)
Pre-1990 MACRS property
. . . . . . . . . . . . . . .
2b(3)
(4)
Pre-1990 original ACRS property . . . . . . . . . . .
2b(4)
(5)
Property described in sections 168(f)(1) through
2b(5)
(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(6)
Other property . . . . . . . . . . . . . . . . . . . . . . . .
2b(6)
(7)
Total ACE depreciation. Add lines 2b(1) through 2b(6)
. . . . . . . . . . . . . . . . .
2b(7)
c ACE depreciation adjustment. Subtract line 2b(7) from line 2a . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2c
3
Inclusion in ACE of items included in earnings and profits (E&P):
a Tax-exempt interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3a
b Death benefits from life insurance contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3b
c All other distributions from life insurance contracts (including surrenders)
. . . . . . . . . .
3c
d Inside buildup of undistributed income in life insurance contracts . . . . . . . . . . . . . . . .
3d
e Other items (see Regulations sections 1.56(g)-1(c)(6)(iii) through (ix) for a partial
list) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3e
f Total increase to ACE from inclusion in ACE of items included in E&P. Add lines 3a through 3e . . . . . . . . . . . . . . . . . .
3f
4
Disallowance of items not deductible from E&P:
a Certain dividends received . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4a
b Dividends paid on certain preferred stock of public utilities that are deductible under
section 247 (as affected by P.L. 113-295, Div. A, section 221(a)(41)(A), Dec. 19, 2014,
4b
128 Stat. 4043) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
c Dividends paid to an ESOP that are deductible under section 404(k) . . . . . . . . . . . . . .
4c
d Nonpatronage dividends that are paid and deductible under section 1382(c) . . . . . . . .
4d
e Other items (see Regulations sections 1.56(g)-1(d)(3)(i) and (ii) for a partial list) . . . . . .
4e
f Total increase to ACE because of disallowance of items not deductible from E&P. Add lines 4a through 4e . . . . . . . . . .
4f
5
Other adjustments based on rules for figuring E&P:
a Intangible drilling costs
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5a
b Circulation expenditures
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5b
c Organizational expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5c
d LIFO inventory adjustments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5d
e Installment sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5e
f Total other E&P adjustments. Combine lines 5a through 5e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5f
6
Disallowance of loss on exchange of debt pools . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6
7
Acquisition expenses of life insurance companies for qualified foreign contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7
8
Depletion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8
9
Basis adjustments in determining gain or loss from sale or exchange of pre-1994 property
. . . . . . . . . . . . . . . . . . . . .
9
10
Adjusted current earnings. Combine lines 1, 2c, 3f, 4f, and 5f through 9. Enter the result here and on line 4a of
Form 4626 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10
-12-
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Financial