Corporate AMT Worksheet: Report Columns
These standard columns appear in the Corporate AMT Worksheet:
System Number
Extension
Description
The following guidelines provide detail on the nonstandard columns that appear on the report.
| Column | Notes |
|---|---|
| Depreciation (Tax, financial statement book, AMT, ACE) | Each column shows the asset's current year-to-date depreciation in the named book as of the last time you calculated depreciation for the asset. The Depreciation column for each book includes the 168 Allowance and Section 179 expense, when applicable to the depreciation method, if you selected Yes in the Include Section 168 Allowance and Section 179 in Expense field in the Edit Company screen. The Calculation Assumptions section on the last page of the report indicates whether you selected Yes or No in the Edit Company screen. Note: The amounts in this column will not equal the Current Year-to-Date amounts on the Depreciation Expense report for certain assets if you have changed the system defaults for either the ACE book or the AMT book. Post-93 assets do not have an ACE depreciation adjustment, and post-98 assets using the straight-line method (MF100 or AD) or the 150% declining-balance method (MT150 or MF150) in the Tax book do not have an AMT depreciation adjustment. For these assets, the system reverts to the default settings for calculating ACE and AMT depreciation for this column. |
| MACRS Adjustment | This column shows the difference in current year depreciation between the Tax book and the AMT book for MACRS assets. The grand total is the amount that you should show as an adjustment for the depreciation of tangible property placed in service after 1986. |
| ACRS Preferences | This column shows the difference in current year depreciation between the Tax book and the AMT book for ACRS real property. If the difference is negative, the system treats and shows the amount as zero. The grand total is the amount that you should show as a preference item for the accelerated depreciation of real property placed in service before 1987. |
| Book Income Adjustment | This column shows the difference in current year depreciation between the applicable financial statement book you selected and the Tax book. For fiscal years that began before 1990, the grand total is the amount that you show as an excess book income adjustment. (For tax years after 1989, this was replaced by the ACE Adjustment.) |
| ACE Adjustment | This column shows the difference in current year depreciation between the AMT book and the ACE book. |