Instructions For Form 4626 - Alternative Minimum Tax-Corporations

a. The sum of the ATNOL

5. Enter on Form 4626, line 11, the

Line 8a. If this Form 4626 is for a

carrybacks and carryforwards to the tax

smaller of:

member of a controlled group of

year attributable to qualified disaster

The amount on Form 4626, line 10, or

corporations, subtract $150,000 from

losses, qualified Gulf Opportunity Zone

The amount from the AMT Form

the combined AMTI of all members of

losses, qualified recovery assistance

1118, Schedule B, Part III, line 6.

the controlled group. Divide the result

losses, qualified disaster recovery

among the members of the group in the

The corporation can use any

assistance losses, and applicable 2008

same manner as the $40,000 tentative

reasonable method, consistently

and 2009 NOLs for which the

exemption is divided among the

applied, to apportion the disallowed

corporation made the election under

members. Enter this member's share on

amount among the separate limitation

section 172(b)(1)(H); or

line 8a. The tentative exemption must

categories (including the general

b. 100% of AMTI for the tax year

be divided equally among the members,

limitation income category). Any AMT

(figured without regard to the ATNOLD,

unless all members consent to a

foreign tax credit for each separate

as discussed earlier, and the domestic

different allocation. See section 1561 for

limitation category that the corporation

production activities deduction under

details.

cannot claim (because of the limitation

section 199) reduced by the amount

fraction) is treated as a credit carryback

Line 8c. If this Form 4626 is for a

determined under 1 above.

or carryforward for that limitation

member of a controlled group of

category under section 904(c). Because

corporations, reduce the member's

Enter on line 6 the smaller of the

these amounts may differ from the

share of the $40,000 tentative

ATNOLD or the ATNOLD limitation. The

amounts that are carried back or

exemption by the amount entered on

ATNOL can be carried back or forward

forward for the regular tax, keep

line 8b.

using the rules outlined in section

adequate records for both the AMT and

172(b), generally, a two-year carryback

Line 10

regular tax. When carried back or

and a twenty-year carryforward. An

forward, the credit is reported on

election under section 172(b)(3) to forgo

Multiply line 9 by 20% (0.20) and enter

Schedule B, Part II, line 5, of the

the carryback period for the regular tax

that amount on line 10.

carryover year's AMT Form 1118 for

also applies for the AMT.

that separate limitation category.

Line 11. Alternative

The ATNOL carried back or forward

Minimum Tax Foreign Tax

Simplified Limitation Election

may differ from the NOL (if any) that is

Credit (AMTFTC)

carried back or forward for the regular

The corporation may elect to use a

tax. Keep adequate records for both the

simplified section 904 limitation to figure

The AMTFTC is the foreign tax credit

AMT and the regular tax.

its AMTFTC. The corporation must

refigured as follows.

make the election for its first tax year

The NOL carryback and

1. Complete a separate AMT Form

beginning after 1997 for which it claims

carryforward rules have

1118, Foreign Tax

an AMTFTC. If it does not make the

changed for NOLs arising in tax

Credit—Corporations, for each separate

election for that tax year, it may not

CAUTION

years ending after December 31, 2017.

limitation category specified at the top of

make the election for a later tax year.

See section 172(b), as amended by P.L.

Form 1118.

Once made, the election applies to all

115-97, section 13302.

In determining if any income is

later tax years and may only be revoked

“high-taxed” in applying the separate

with IRS consent.

Line 7. Alternative

limitation categories, use the AMT rate

If the corporation made the election

Minimum Taxable Income

(20%) instead of the regular tax rate.

for each of its AMT separate limitations,

2. For each separate AMT Form

For a corporation that held a residual

the corporation uses its separate

1118, if the corporation previously made

interest in a REMIC and is not a thrift

limitation income or loss that it

or is making the simplified limitation

institution, line 7 may not be less than

determined for the regular tax (instead

election (discussed below), skip

the total of the amounts shown on

of refiguring the separate limitation

Schedule A and enter on Schedule B,

Schedule(s) Q (Form 1066), Quarterly

income or loss for the AMT, as

Part II, line 7, the same amount you

Notice to Residual Interest Holder of

described earlier).

entered on that line for the regular tax.

REMIC Taxable Income or Net Loss

Otherwise, complete Schedule A using

Allocation, line 2c, for the periods

Line 13

only income and deductions that are

included in the corporation's tax year. If

Enter the corporation's regular tax

allowed for the AMT and attributable to

the total of the line 2c amounts is larger

liability (as defined in section 26(b))

sources outside the United States.

than the amount the corporation would

minus any foreign tax credit (for

otherwise enter on line 7, enter that total

3. For each separate AMT Form

example, Form 1120, Schedule J, line 2,

and write “Sch. Q” on the dotted line

1118, complete Schedule B, Part II.

minus any foreign tax credit entered on

next to line 7.

Enter any AMTFTC carryover on

Schedule J, line 5a).

Schedule B, Part II, line 5. Enter the

Line 8. Exemption

AMTI from Form 4626, line 7, on

Do not include any:

Phase-Out Computation

Schedule B, Part II, line 8a. Enter the

Tax on accumulation distribution of

amount from Form 4626, line 10, on

trusts from Form 4970,

If alternative minimum taxable

Schedule B, Part II, line 10.

Recapture of investment credit (under

income entered on line 7 is

4. For the AMT Form 1118,

section 49(b) or 50(a)) from Form 4255,

$310,000 or more, skip lines 8a

complete Schedule B, Part III, Summary

Recapture of low-income housing

CAUTION

and 8b and enter -0- on line 8c. You

of Separate Credits. The total foreign

credit (under section 42(j) or (k)) from

cannot take an exemption.

tax credit is the amount on line 6.

Form 8611, or

Recapture of any other credit.

-8-

Instructions For Form 4626 - Alternative Minimum Tax-Corporations - 2017 Page 8

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