The BNA Fixed Assets Web update reflects the recently passed tax extenders legislation, which includes a number of provisions for business taxpayers through 2014, including accelerated depreciation of certain business property (bonus depreciation), Form 4626
(alternative minimum tax), and Section 179; the increased expensing allowance for business assets; computer software; and qualified real property.
If you are a corporation, please refer to Internal Revenue Service Form 4626
, Alternative Minimum Tax--Corporations.
Note that Form 4626
, Alternative Minimum Tax--Corporations, for C corporations contains a specific line as well as specific instructions for this calculation.
Example 2 highlights a significant shortcoming in the instructions to Form 4626, Alternative Minimum Tax-Corporations (including environmental tax).
The Form 4626 instructions are very misleading in this respect.
If you are a corporation, your share of alternative minimum tax adjustments should be input as a negative amount on Internal Revenue Service Form 4626
, Alternative Minimum Tax-Corporations.