Schedule M1mt - Alternative Minimum Tax - 2012 Page 2
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1
2Schedule M1MT Instructions 2012
Who Must File Schedule M1MT
Intangible drilling costs (IDCs) from oil, gas
• the amount included as a miscellaneous
and geothermal wells are a tax preference
deduction on Schedule A for income-
If you had to pay federal alternative mini-
item to the extent that the excess IDCs ex-
producing property casualty and theft
mum tax when you filed your federal Form
ceed 65 percent of the net income from the
losses .
1040, 1040A or 1040NR, you must com-
wells . The tax preference item is computed
plete Schedule M1MT to determine if you
Enter the result on line 12 .
separately for oil and gas properties and for
are required to pay Minnesota alternative
geothermal properties .
Line 29
minimum tax .
Compare your Minnesota alternative mini-
Excess IDCs are computed as follows:
You may be required to pay Minnesota
mum tax on line 27 to the tax from the table
1 Figure the amount of your IDCs allowed
alternative minimum tax even if you did
on line 28:
for regular tax purposes under IRC section
not have to pay federal alternative mini-
• If line 28 is equal to or more than line
263(c), but do not include any section
mum tax . This situation could occur if you
27, you are not required to pay Min-
263(c) deduction for nonproductive wells .
deducted large gambling losses or mortgage
nesota alternative minimum tax for 2012
interest on your federal return . Complete
2 Subtract from step 1 the amount that
Enter zero on line 29 .
the steps on pages 12 and 14 of the M1
would have been allowed had you amor-
instruction booklet to determine if you are
tized these IDCs over a 120-month pe-
— If you paid Minnesota alternative
required to file Schedule M1MT .
riod starting with the month the well was
minimum tax in one or more years
placed in production . If you prefer not to
from 1989 through 2011, you should
Before you can complete Schedule M1MT,
use the 120-month period, you can elect
you must first complete Part I of federal
complete Schedule M1MTC to see if
to use any method that is permissible in
Form 6251, even if you were not required
you are eligible for a credit .
determining cost depletion .
to file Form 6251 with your federal return.
— If you did not pay Minnesota al-
Net income is determined by taking the
ternative minimum tax in any year
Line Instructions
gross income that you received or accrued
from 1989 through 2011, you are not
during the tax year from oil, gas and geo-
required to file Schedule M1MTC .
Round amounts to the nearest whole dollar.
thermal wells and reducing it by the deduc-
• If line 27 is more than line 28, you are
tions allocable to these properties (reduced
Line 5—Interest From Bonds of Another
required to pay Minnesota alternative
by the excess IDCs) .
State or From its Governmental Units
minimum tax for 2012 .
To determine line 5, use the worksheet at
Note: When refiguring net income, use only
the bottom of this page .
Subtract line 28 from line 27 . Enter the
income and deductions allowed for alterna-
result on line 29 and on line 10 of Form
tive minimum tax purposes .
Lines 6 and 7
M1 .
Effective for 1993 and thereafter, the com-
Line 7—Depletion
Be sure to include this schedule and a copy
putation of the federal alternative minimum
In the case of oil wells and other wells of
of federal Form 6251 when you file Form
tax does not include as tax preferences the
nonintegrated oil companies, enter on line 7
M1 .
excess intangible drilling costs or depletion
the amount by which your depletion deduc-
from oil, gas and geothermal wells if the oil
tion under IRC section 611 exceeds the
came from a nonintegrated oil company
adjusted basis of the property at the end of
(a company that does not refine or sell at
your tax year . In computing your year-end
retail the oil produced) . These two items are
adjusted basis, use the rules of IRC section
treated as tax preferences for the purpose
1016 . However, do not reduce the adjusted
of the Minnesota alternative minimum tax .
basis by the current year’s depletion .
Thus, you will have to compute preferences
Figure the excess amount separately for
for depletion and intangible drilling costs
each property . Only depreciation that
under pre-1993 federal law .
exceeds the adjusted basis of a property is
Note: Do not include any amounts that are
treated as a tax preference amount .
included on line 3 of this schedule .
Line 12—Casualty and Theft Losses
Line 6—Intangible Drilling Costs
If you deducted casualty and theft losses on
If, for regular tax purposes, you elected the
your federal Form 1040, add:
optional 60-month write-off under section
• Casualty and theft losses on federal
59(e) of the Internal Revenue Code (IRC)
Schedule A; and
for all property in this category, skip line 6 .
No adjustment is necessary .
Worksheet for Line 5
1 Add line 4 and line 5 of Schedule M1M . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2 Of the amount on line 12 of federal Form 6251, determine
the amount that is from non-Minnesota state and municipal bonds . . . . .
3 Subtract step 2 from step 1 . Enter the result on line 5 . . . . . . . . . . . . . . . . .
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