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KS online Form 4626: What You Should Know
If any part of the return is postponed, report the postponement of that portion. A corporation is not required to file Form 4029 for the new alternative minimum tax (AMT). However, companies with a substantial increase of the amount of its taxable income that is attributable to net operating losses are required to file a Form 4029. If a corporation has net operating losses (Vols), then the new AMT rate and the amount of its Vols, referred to as the “business taxable income threshold,” is the largest amount of taxable income (before any state and local taxes) it is able to pass through to shareholders. The result of adding up the tax liability for these corporations is a new AMT rate. This AMT rate is not equal to the AMT rate for regular corporations. For example, if a corporation earns 100,000 of taxable cash income, it is allowed to expense 3,000 of capital expenditures in a tax year by adding the following amount to its taxable income. The tax bill for 9,000. (100,000 + 3,000) However, the tax bill for 11,000. (100,000 + 4,000) If the corporation is an active, or actively traded corporation, the AMT rate is the same regardless of the amount of its Vols, referred to as the “investment taxable income threshold.” As an example, suppose a 200 million corporations has net operating losses for two consecutive tax years of 10,000. (100,000 + 10,000). The tax bill for 9,000 is the same whether its Vols were used during the previous tax years. In addition, certain corporations pay a special tax rate only if certain items of their activity exceed certain thresholds. If the threshold is exceeded for a corporation for a five-year period in a given tax year, the corporation is subject to the Alternative Minimum Tax rate as well as all the penalty, rather than just the regular alternative minimum tax rate. There is a special threshold for AMT purposes for a business that does not engage in active trade or business. If no active trade or business exists on the last day of each calendar year or if the corporation has no active trade or business during the preceding 12 months, the AMT threshold is 400,000. In addition, a corporation must hold at least 500,000 of U.S.
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