Corporate Alternative Minimum Tax Worksheet
This worksheet does not support the new Form 4626: Alternative Minimum Tax - Corporations released by the IRS in 2023 for large corporations. The prior rules for AMT were repealed for corporations under the Tax Cuts and Jobs Act of 2017 for tax years beginning January 1, 2018 and later. AMT depreciation calculations and the related ACE adjustment for assets put into service from 1990 through 1993 are no longer required.
Purpose
The Corporate AMT worksheet gathers information needed under the prior AMT rules. The report shows MACRS Adjustments, ACRS Preferences, the book income adjustment, and the ACE Adjustment.
Tips:
- Before you run this report, be sure to calculate depreciation for all assets you want to include in the report, through the end of the fiscal year on which you want to report. An ideal time to run the report is right after you have calculated your year-end depreciation for the Tax, AMT, and ACE books and for the book you choose as the applicable financial statement.
- To run this report, the Tax book, the AMT book, the ACE book (if applicable), and either the Internal book or one of the user-defined books must be open. If these books are not open, return to the Book Defaults tab of the Edit Company window and open the appropriate books.