Instructions For Schedule I (Form 1041) - Alternative Minimum Tax-Estates And Trusts - 2017 Page 6


168(g). For facilities placed in service
may affect deductions that are based on
Storms and Tornadoes), qualified
after 1998, figure the AMT deduction
an income limit other than adjusted
disaster recovery assistance losses (as
under MACRS using the straight line
gross income (AGI) or modified AGI (for
defined in Pub. 4492-B, Information for
method. Enter the difference between
example, farm conservation expenses).
Affected Taxpayers in the Midwestern
the regular tax and AMT deduction. If
Refigure these deductions using the
Disaster Areas) or a 2008 or 2009 loss
the AMT amount is greater, enter the
income limit as modified for the AMT.
that you elected to carryback more than
difference as a negative amount.
Include the difference between the
2 years under section 172(b)(1)(H). If an
Tax shelter farm activities. Figure
regular tax and AMT deduction on
ATNOL that is carried back or carried
this adjustment only if the tax shelter
line 23. If the AMT deduction is more
forward to a tax year is attributable to
farm activity (as defined in section 58(a)
than the regular tax deduction, include
any of those losses, the ATNOLD for the
(2)) isn't a passive activity. If the activity
the difference as a negative amount.
tax year is limited to the sum of:
is passive, include it with any other
1. The smaller of:
Don’t make an adjustment on
passive activities on line 15.
line 23 for an item you refigured
a. The sum of the ATNOL
Refigure all gains and losses
on another line of Schedule I
carrybacks and carryforwards to the tax
reported for the regular tax from tax
(for example, line 6).
year attributable to NOLs other than the
shelter farm activities by taking into
losses described in 2a below, or
account any AMT adjustments and
Line 24—Alternative Tax Net
b. 90% of AMTI for the tax year
preferences. Determine tax shelter farm
Operating Loss Deduction
(figured without regard to the ATNOLD
activity gain or loss for the AMT using
and any domestic production activities
The ATNOLD is the sum of the
the same rules used for the regular tax
deduction, as discussed earlier), plus
alternative tax net operating loss
with the following modifications. No
(ATNOL) carryovers and carrybacks to
2. The smaller of:
refigured loss is allowed, except to the
the tax year, subject to the limitation
extent an estate or trust is insolvent (see
a. The sum of the ATNOL
explained below.
section 58(c)(1)). A refigured loss may
carrybacks and carryforwards to the tax
not be used in the current tax year to
year attributable to qualified disaster
The net operating loss (NOL) under
offset gains from other tax shelter farm
losses, qualified Gulf Opportunity Zone
section 172(c) is modified for alternative
activities. Instead, any refigured loss
losses, qualified recovery assistance
tax purposes by (a) taking into account
must be suspended and carried forward
losses, qualified disaster recovery
the adjustments made under sections
indefinitely until (a) the estate or trust
assistance losses, and any 2008 or
56 and 58 and (b) reducing the NOL by
has a gain in a subsequent tax year
2009 loss that you elected to carry back
any item of tax preference under section
from the same activity or (b) the activity
more than 2 years under section 172(b)
57. For an estate or trust that held a
is disposed of.
(1)(H), or
residual interest in a real estate
mortgage investment conduit (REMIC),
The AMT amount of any tax shelter
b. 100% of AMTI for the tax year
figure the ATNOLD without regard to
farm activity loss that isn't deductible
(figured without regard to the ATNOLD
any excess inclusion.
and is carried forward is likely to differ
and any domestic production activities
from the regular tax amount. Keep
deduction, as discussed earlier)
If this estate or trust is the beneficiary
adequate records for both the AMT and
reduced by the amount determined
of another estate or trust that terminated
regular tax.
under 1, above.
in 2017, include any ATNOL carryover
Enter the difference between the
that was reported in box 11, code E of
Enter on line 24 the smaller of the
amount that would be reported for the
Schedule K-1 (Form 1041).
ATNOLD or the ATNOLD limitation.
activity on Schedule E (Form 1040),
The estate's or trust's ATNOLD may
Supplemental Income and Loss, or
Any ATNOL not used may be carried
be limited. To figure the ATNOLD
Schedule F (Form 1040), Profit or Loss
back 2 years or forward up to 20 years.
limitation, first figure alternative
From Farming, for the AMT and the
In some cases, the carryback period is
minimum taxable income (AMTI) without
regular tax amount. If (a) the AMT loss
longer than 2 years; for details, see Pub.
regard to the ATNOLD and any
is more than the regular tax loss, (b) the
536, Net Operating Losses (NOLs) for
domestic production activities
AMT gain is less than the regular tax
Individuals, Estates, and Trusts.
deduction. For this purpose, figure a
gain, or (c) there is an AMT loss and a
tentative amount for line 6 of Schedule I
The treatment of ATNOLs doesn't
regular tax gain, then enter the
(Form 1041) by treating line 24 as if it
affect your regular tax NOL.
adjustment as a negative amount.
were zero. Then, figure a tentative total
Enter any adjustment for amounts
If you elected under section
by combining lines 1–23 of Schedule I
172(b)(3) to forego the
reported on Form 8949, Schedule D
(Form 1041) using the line 6 tentative
carryback period for regular tax
(Form 1041), Form 4684, or Form 4797
amount. Add any domestic production
purposes, the election will also apply for
for the activity on line 13 instead of
activities deduction to this tentative
the AMT.
line 23.
total. The ATNOLD limitation is 90% of
Biofuel producer credit and
the result.
Line 29—Estate's or Trust's
biodiesel and renewable diesel fuels
However, the 90% limit doesn't apply
credit. If the adjusted total income
Share of Alternative Minimum
to an ATNOL that is attributable to
(Form 1041, line 17) includes the
Taxable Income
qualified disaster losses (as defined in
amount of the biofuel producer credit or
section 172(j)), qualified Gulf
For an estate or trust that held a residual
biodiesel and renewable diesel fuels
Opportunity Zone losses as defined in
interest in a REMIC, line 29 may not be
credit, include that amount as a
section 1400N(k)(2), qualified recovery
less than the estate's or trust's share of
negative amount on line 23.
assistance losses (as defined in Pub.
the amount on Schedule E (Form 1040),
Related adjustments. AMT
4492-A, Information for Taxpayers
line 38, column (c). If that amount is
adjustments and tax preference items
Affected by the May 4, 2007, Kansas
larger than the amount you would
2017 Instructions for Schedule I (Form 1041)


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