Form 4626

A form that a corporation files with the IRS to compute the alternative minimum tax that the corporation owes. A company must file Form 4626 if it is not a small company (since small companies are exempt from alternative minimum taxes), if its profit before the net operating loss deduction exceeds $40,000 (or some other stated amount), and/or if it claimed certain, stated tax credits.

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Inst 4626

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Corporations are also potentially subject to the AMT and use IRS Form 4626 to see if the tax applies.

(46) In fact, the instructions to Form 4626 require that this computation and adjustment be made if necessary.

The ACE worksheet included in the instructions to Form 4626 contains a list of the most common E&P adjustments, such as:

Chapter 18: Alternative minimum tax

Note that Form 4626, Alternative Minimum Tax--Corporations, for C corporations contains a specific line as well as specific instructions for this calculation.

Capital construction funds: sec. 7518

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.

Structuring an installment sale of depreciable property to mitigate the corporate AMT

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