Tax formula General( of 3 Gross Income Minus: Deductions and losses Minus: Special Deductions Taxable Income (Regular and AMT) Times: Appropriate Rate Equals: Regular Tax Liability before credits 6
6 Tax Formula: General (1 of 3) Gross Income Minus: Deductions and Losses Minus: Special Deductions Taxable Income (Regular and AMT) Times: Appropriate Rate Equals: Regular Tax Liability before credits
Tax formula General(2 of 3) Regular Tax Liability before credits Less: Foreign tax credit Less: Other Credits Plus: Credit recapture Equals: Regular tax liability 7
7 Tax Formula: General (2 of 3) Regular Tax Liability before credits Less: Foreign tax credit Less: Other Credits Plus: Credit recapture Equals: Regular tax liability
Tax Formula: General(3 of 3) Regular Tax Liability Plus: AMT Liability Plus: Special Taxes(if any) Minus: Estimated Payments Equals: Refund or tax due 8
8 Tax Formula: General (3 of 3) Regular Tax Liability Plus: AMT Liability Plus: Special Taxes (if any) Minus: Estimated Payments Equals: Refund or tax due
Tax Formula: AMT( of 2 Taxable Income before NOL adjust Plus: Tax preference items Plus/minus: Adjustments to income Plus/minus: ACE adjustment factor Minus, AMT NOL deduction Equals: AMT taxable income Minus: Statutory exemption Equals: AMT Tax Base 9
9 Tax Formula: AMT (1 of 2) Taxable Income before NOL adjust Plus: Tax preference items Plus/minus: Adjustments to income Plus/minus: ACE adjustment factor Minus: AMT NOL deduction Equals: AMT taxable income Minus: Statutory exemption Equals: AMT Tax Base
Tax Formula: AMT (2 of 2 AMT Tax Base Times: AMT Rate Equals: Tentative AMT before Credits Minus: AMT foreign tax credit Minus, AMT Investment credit Minus: Regular tax liability Equals: AMT Liability 10
10 Tax Formula: AMT (2 of 2) AMT Tax Base Times: AMT Rate Equals: Tentative AMT before Credits Minus: AMT foreign tax credit Minus: AMT Investment Credit Minus: Regular tax liability Equals: AMT Liability