Chapter 3A. Prod. Activities Deduct. Corporate AMT Howard Godfrey, Ph.D., CPA Professor of...

Chapter 3A.Prod. Activities Deduct.

Corporate AMTHoward Godfrey, Ph.D., CPA

Professor of AccountingCopyright © Howard Godfrey, 2014

Edited January 10, 2014C13-Chp-03-1A-AMT-2014

Students should:1. Understand the basics of the Production

Activities Deduction. [Page 1]2. Understand the purpose of the AMT and its

focus on timing of benefits. [Page 16]3. Understand the AMT formula. [Page 17]4. Understand the exemption from AMT for small

corporations. [Page 17]5. Understand nature of AMT adjustments & why

they may be positive or negative. [Page 18]6. Understand how different AMT depreciation

methods cause different asset basis amounts, and multiple amounts of gain on sale of assets. [Page 19]

Students should be:7. Understand how to make appropriate

adjustments where taxpayer uses the completed contract method for long-term construction contracts. [Page 19]

8. Understand how to report preferences.[Page 20]

9. Be able to properly report the ACE adjustment. [Page 21]

10. Compute the AMT exemption [Page 24]11. Understand the AMT Credit [Page 25]12. Complete the process by computing the

amount of AMT and the AMT credit.

U.S. Production Activities Deduction. Corporations are allowed a U.S. production activities deduction equal to a percentage times the lesser of:(1) qualified production activities income or (2) taxable income before the U.S. production activities deduction. For 2005-2006 the percentage was 3%; 2007-2009 it is 6%; and, 2010 and thereafter it is 9%. The deduction cannot exceed 50% of the W-2 wages for the year. The effect - lowering marginal tax bracket about 3%.

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Qualified production activities income includes gross receipts from domestic production reduced by cost of goods sold, directly allocable expenses and a ratable portion of other deductions not directly allocable. Domestic production gross receipts include receipts from the lease, rental, license, sale, exchange, or other disposition of qualified production property manufactured, produced, grown, or extracted in whole or significant part within the United States, qualified film production, or electricity, natural gas, or potable water produced within the United States.

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It also includes construction performed in the U.S. & engineering or architectural services performed in the United States for construction of projects in the United States. Domestic production gross receipts do not include receipts from the sale of food & beverages the taxpayer prepares at a retail establishment and do not apply to the transmission of electricity, natural gas, or potable water.

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Please study the shaded areas of section 199 in the file for the section that is posted on the website. C14-Chp-03-3-Section-199-Prod-Activities-DedPart of that material is also included in following slides.

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Sec. 199. INCOME ATTRIBUTABLE TO DOMESTIC PRODUCTION ACTIVITIES

(a) Allowance of Deduction.

(1) In general. There shall be allowed as a deduction an amount equal to 9 percent of the lesser of

(A) the qualified production activities income of the taxpayer for the taxable year, or

(B) taxable income (determined without regard to this section) for the taxable year.

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(c) Qualified Production Activities Income For purposes of this section

(1) In general. The term "qualified production activities income" for any taxable year means an amount equal to the excess (if any) of-

(A) the taxpayer's domestic production gross receipts for such taxable year, over

(B) the sum of- (i) the cost of goods sold that are allocable to

such receipts, and (ii) other expenses, losses, or deductions (other

than the deduction allowed under this section), which are properly allocable to such receipts.

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(4) Domestic production gross receipts.

(A) In general. The term "domestic production gross receipts" means the gross receipts of the taxpayer which are derived from

(i) any lease, rental, license, sale, exchange, or other disposition of-

(I) qualifying production property which was manufactured, produced, grown, or extracted by the taxpayer in whole or in significant part within the United States, …

Makes Imports Total

Sales $2,500 $1,500 $4,000 62.50%Cost of Sales ($1,000) ($750) ($1,750) 57.14%Gross Margin $1,500 $750 $2,250Other expenses ($800)Net Income $1,450QPAIDPADTaxable Income

Use Simplified Deduction Method - Pg. 14.Ignore payroll limit.

Total Operations ($000)

Company sells furniture to WalmartCo. manufacures in U.S. & imports some furniture.

Makes Imports Total

Sales $2,500 $1,500 $4,000 62.50%Cost of Sales ($1,000) ($750) ($1,750) 57.14%Gross Margin $1,500 $750 $2,250Other expenses ($500) ($800)Net Income $1,450QPAI $1,000DPAD - 9% $90 ($90)Taxable Income $1,360Use Simplified Deduction MethodWhat is taxable income for the year (2012)?

Total Operations ($000)

Company sells furniture to WalmartCo. manufacures in U.S. & imports some furniture.

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Campbell Corporation's taxable income for 2013 before the domestic production activities deduction was $25,000,000. Its taxable income from qualified production activities in 2013 was $10,000,000. Campbell Corporation's W-2 wages allocable to qualified production activities for 2013 were $8,000,000.

What is Campbell Corporation's taxable income for 2013?

a. $21,000,000 b. $24,100,000

c. $23,500,000 d. $24,250,000

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Answer. b. Campbell Corporation's domestic production activities deduction is $900,000 (9% × lesser of): (1) $25,000,000 or (2) $10,000,000. Deduction cannot exceed 50% × W-2 wages for qualified production activities:(50% × $8,000,000 = $4,000,000). Thus, its taxable income is $24,100,000 ($25,000,000 - $900,000).

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AMT Students should have a copy of AMT-Code-Outline.xls

Which is included in the lecture handout materials

Background on AMTCongress was concerned that corporations were not paying enough income tax because of

1.Having income that is tax-free

2.Deferring income to a later period

3.Taking large deductions currently that could be deferred

4.Etc.

Background on AMTSome solutions in the AMT, which is a separate tax (an additional income tax).1.Compute AMT by including some income (that is tax-exempt --not included in regular tax computations).2.Compute AMT by including some income in AMT tax base this period (that is otherwise deferred to a future period in regular tax computations [long-term contracts]).3.Compute AMT by deferring recognition of expenses to future periods (that are deducted currently in regular tax computations. [depreciation]).

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AMT Formula - 1If a corporation's tentative minimum tax exceeds the regular tax, the excess amount isa. Subtracted from the regular tax.b. Payable in addition to the regular tax.c. Carried back to the third

preceding taxable year.d. Carried back to the first preceding taxable year. (CPA-May-1990)

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AMT Formula - 2

If a corporation's tentative minimum tax exceeds the regular tax, the excess amount isb. Payable in addition to the regular tax.See Sec. 55(a) C12-Chp-03-3-AMT-Code-Outline.xls

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Regular Tax. Income Before NOL Ded.

Plus/Minus Adjustments- Asset sold-AMT Basis Adj.

Plus/Minus AMT Adjustments (except ACE Adjust.)

Plus Tax Preferences

Equals AMTI before AMT NOL ded. & ACE Adj.

Plus/Minus ACE Adjustment. 75% of (ACE-AMTI)

Equals AMTI before AMT NOL

Minus AMT NOL (Limited to 90% of above amt.)

Minus U.S. production activities adjustment

Equals Alternative min. taxable income (AMTI)

Corp. AMT Formula-Overview - 1

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Alt. min. taxable income (AMTI)

Minus Exemption (after phase-out if any)

Equals Tentative minimum tax base

Multiply 20% Rate

Equals Tentative min. tax before AMT FTC

Minus AMT Foreign Tax Credit (FTC)

Equals Tentative minimum tax

Minus Regular tax before credits, except FTC

Equals Alternative Min. Tax (AMT) if positive

Corp. AMT Formula-Overview - 2

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Taxable income $400,000Tax Preferences & Adjustments 600,000Alt. Minimum Taxable Income $1,000,000Minus: Exemption $40,000 - .25 X [$1,000,000 - $150,000]Tax base for AMTTax (AMT base X 20%)Minus: Regular tax liabilityAlternative Minimum Tax

335,000 65,000 34%

400,000

Red. Inc. Alternative Min. Tax - 1 of 3

Taxable income 400,000$ Tax Preferences & Adjustments 600,000 Alt. Minimum Taxable Income 1,000,000 Minus: Exemption $40,000 - .25 X [$1,000,000 - $150,000] - Tax base for AMT 1,000,000 Tax (AMT base X 20%) 200,000 Minus: Regular tax liability (136,000) Alternative Minimum Tax 64,000$

335,000 113,900 65,000 34% 22,100

400,000 136,000

What is the Alt. Min. Tax Credit? Pg. 25.

Red. Inc. Alternative Min. Tax - 2 of 3

Tentative Exemption $40,000

AMTI 1,000,000

Threshold 150,000

Excess 850,000

Percentage 25%

Reduce Exemp. (212,500)

Exemption $0

Section 55(d)(2), (3)

Red. Co. Alt. Min. Tax Exempt.

Corporate Alternative Minimum TaxAdjustments -Pg. 18.Recomputation of certain income, gain, deduction, and loss items.May either increase or decrease taxable income. Tax preference items - Pg. 20. Tax preferences will always increase taxable income.Interest on Private activity bond issued in 2009-2010 was not a preference. Investors had stopped buying them.

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Adjusted Current Earnings– ACE- Pg 21A corp. makes a positive adjustment equal to 75% of the excess of its adjusted current earnings (ACE) over pre-adjustment AMTI. ACE is a concept based on the earnings and profits definition found in Sec. 312. A negative ACE adjustment also can be made when pre-adjustment AMTI exceeds ACE. The negative adjustment is 75% of the excess of pre-adjustment AMTI over ACE, but not in excess of the corporation's prior net positive ACE adjustments.

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ACE adjustment = 75% of difference between AMTI and

ACE–Can be positive or negative–Negative adjustment is limited to

aggregate positive adjustments

Starting point for determining ACE is AMTI

–AMTI is defined as regular taxable income after AMT adjustments and tax preferences (other than the NOL and ACE adjustments)

GAAP 1120 AMTI ACE500,000 500,000 500,000 500,000

(200,000) (200,000) (200,000) (200,000)

300,000 300,000 300,000 300,000

10,000 10,000 10,000 10,000

100,000 Pg. 3-23 100,000

250,000 Pg. 3-20 250,000 250,000

200,000 Pg. 3-23 200,000

(7,000) (7,000) Pg. 3-23

(32,000) (40,000) (32,000) (26,000)

(63,000) (63,000) (63,000) (63,000)

765,000 200,000 458,000 771,000DifferenceSee Concept Summaries 75% $234,750

Div. income (12% owned)

Proceeds-life ins. on officer

Dividends Received Deduct.

Mun. interest (essential gov.)

Private activity bond interest

Deprec. ($40,000, $32,000, $26,000)

Other Expenses

$313,000 Net inc./T. Income/AMTI/ACE

Alternative Minimum Tax - 1 of 5

Tax Return Information

Sales

Cost of Sales

Gross Margin

Ignore the small corp. exception. We will use small numbers to keep it simple.

$200,000Regular taxable income before NOL deduction

Plus/minus: AMT adjustments (except ACE adjustment)


Plus/minus: ACE adjustment (75% of ACE minus AMTI)

Minus: AMT NOL deduction (limited to 90%)Equals: AMTI before AMT NOL deduction

Equals: Alternative minimum taxable income (AMTI)Minus: Exemption (See Computation Below)

Plus: Tax preferences


Equals: AMTI before AMT NOL ded & ACE adjustment

Equals: Tentative minimum tax

Equals: Tentative alternative minimum tax base

Equals: Tentative AMT before AMT foreign tax creditTimes: 20% rate

Minus: AMT foreign tax credit (possibly 90% limit)

Minus: Regular tax liab. before credits, less for. tax creditEquals: Alternative minimum tax (AMT)

$200,000

8,000

250,000

458,000 234,750

692,750

692,750 0

692,750 20%

138,550

138,550 (61,250) 77,300$

Regular taxable income before NOL deductionPlus/minus: AMT adjustments (except ACE adjustment)


Plus/minus: ACE adjustment (75% of ACE minus AMTI)

Minus: AMT NOL deduction (limited to 90%)Equals: AMTI before AMT NOL deduction

Equals: Alternative minimum taxable income (AMTI)Minus: Exemption (See Computation Below)



Equals: AMTI before AMT NOL ded & ACE adjustment

Equals: Tentative minimum tax

Equals: Tentative alternative minimum tax base

Equals: Tentative AMT before AMT foreign tax creditTimes: 20% rate

Minus: AMT foreign tax credit (possibly 90% limit)

Minus: Regular tax liab. before credits, less for. tax creditEquals: Alternative minimum tax (AMT)

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AMTI ThresholdExcessPercentageReduce Exemp.Exemption


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AMTI 692,750

Threshold 150,000

Excess 542,750

Percentage 25%


Exemption $0


Revenue $2,000,000Expenses 1,800,000Taxable income $200,000Received Life Ins. Proceeds $100,000

a. $300,000 b. $250,000 c. $375,000

completion method, profit of $100,000will be recognized in each of the 3years of contract. What is 2014 AMTI?

Big Corp operations for 2014. 1 of 2

Completed contract method is usedfor a 3-year construction contract started in 2014. With percentage of

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Taxable income $200,000

Adjustment- LT Contract 100,000

Preadjustment AMTI 300,000

ACE adj. 75% of life ins. 75,000

Tax base for AMT - AMTI $375,000

Alternative Minimum Tax

Big Corp. 2014. 2 of 2

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Corporate AMT ExemptionThe exemption amount for corporations is $40,000. Exemption is reduced by 25% of excess of AMTI over $150,000. Phased-out when AMTI reaches $310,000.Sec. 55(d)(2) and (3)AMT-Code-Outline.xls

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Rona Corporation – 1 of 3Rona Corp.'s 2014 alternative minimum taxable income was $200,000. Rona's 2014 alternative minimum exemption isa. $0 b. $12,500 c. $27,500 d. $52,500

CPA - May, 1991

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Tentative Exemption 40,000$

AMTI 200,000

ThresholdExcessPercentageReduce Exemp.Exemption

Alt. Min. Tax Exemption

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AMTI 200,000

Threshold 150,000

Excess 50,000

Percentage 25%


Exemption 27,500$

Alt. Min. Tax Exempton

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Minimum Tax Credit.

AMT is an acceleration of the payment of a corporation's income taxes.

When a corp. pays the AMT, it is allowed a credit that can be carried over and used to offset its regular (income) tax liabilities in subsequent years.

Minimum Tax Credit.

The corporate AMT credit (MTC) equals the entire AMT amount paid. The MTC that can be used in a tax year equals the total of the net minimum taxes paid since 1986, minus the amount claimed as MTC in those years. Use of available MTCs in the current year is limited to the excess of

(1) regular tax liability (minus all credits other than refundable credits) over

(2) its tentative minimum tax.

Indefinite carryover period.

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Tax Credits and the AMT.

A corporation is allowed to reduce its regular tax liability by any available credit. For most corporations, the general business credit can be claimed only to the extent that the corporation's regular tax liability exceeds its tentative minimum tax amount.

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Minimum Tax Credit Small corporations (no longer subject to AMT) with unused minimum tax credits after 1997 may use them against regular tax liability

Limit = regular tax - [25% X (regular tax - $25,000)]

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Tax Planning ConsiderationsAMT Elections. Two elections permit taxpayers to defer the claiming of certain deductions for income tax purposes. An extended write-off period applies to certain expenditures (e.g., research and experimental expenditures) that would otherwise be tax preference items or adjustments. If this extended write-off period is elected, the expenditures will not be a tax preference item. A second election permits a taxpayer to elect to use the depreciation method generally required for AMT purposes--the 150% declining balance method over the property's class life for personalty--in computing its regular tax liability.

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Eliminating the ACE Adjustment. C corporations are required to increase their AMTI by the amount of the ACE adjustment. If the C corporation is closely-held, it can elect to be taxed under the S corporation rules and this adjustment can be avoided.

Eastern's 2014 taxable income $300,000

taken on 2014 five-year property 1,000

2014 tax-exempt interest from private

activity bonds issued after 8/7/86 5,000

What was Eastern's 2014 alternative minimumtaxable income before ACE adjustment? a. $306,000 b. $305,000 c. $304,000 d. $301,000 CPA-95

The following information pertains to Eastern:

Eastern Inc. was formed Jan. 2, 2014On 1-2-14, Eastern placed in service five-year property depreciated under MACRS system. Eastern did not elect the straight-line method.

Adjustment for the accelerated deprec.

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1 $300,000

2 1,000

3 5,000

4 306,000

5

6

7

8

Minus: Adjust. U.S. Production

Eastern - Alt. Min. Tax Taxable income before NOL

Plus/minus: AMT Adjustment


Preadjustment AMTI

Minus: AMT NOL deduction

Alt. Min. Tax. Income (AMTI)

Plus/minus: ACE adjustment

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8

9

10

11

12

13

14

15

16


Minus: Regular tax liability

Minus: AMT foreign tax credit

Alterntive Minium tax base

Tentative AMT before credits

Tentative minimum tax

Alternative Min. Tax (AMT)

Minus: Exemption (Below)

Times: 20% rate

Eastern - Alt. Min. Tax

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18 40,000$

19

20 150,000

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22 25%

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Eastern - Alt. Min. TaxExemption Computation

Reduction in exemp.

Exemption Allowed

Tentative Exemption

AMTI ThresholdExcessPercentage

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25 Reg. Tax Layers Rate Tax

26 First $50,000 15%

27 Next $25,000 25%

28 Next $25,000 34%

29 Excess 39%

30 Excess 34%

31 Totals

Eastern - Alt. Min. Tax

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Continue the Eastern Corporation case above.Actually it is repeated on next slide.Assume there are no additional adjustments. What is the AMT Exemption?What is the regular tax?What is the AMT?

Eastern's 2014 taxable income $300,000

taken on 2014 five-year property 1,000

2014 tax-exempt interest from private

activity bonds issued after 8/7/86 5,000

What was Eastern's 2014 alternative minimumtaxable income before ACE adjustment? a. $306,000 b. $305,000 c. $304,000 d. $301,000 CPA-95

The following information pertains to Eastern:

Eastern Inc. was formed Jan. 2, 2014On 1-2-14, Eastern placed in service five-year property depreciated under MACRS system. Eastern did not elect the straight-line method.

Adjustment for the accelerated deprec.

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1 $300,000

2 1,000

3 5,000

4 306,000

5

6

7

8 306,000

Eastern-Alternative Minimum Tax

Plus/minus: ACE adjustment

Taxable income before NOL

Plus/minus: AMT Adjustment


Preadjustment AMTI

Minus: AMT NOL deduction

Minus: Adjust. U.S. Production


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AMTI 306,000

Threshold 150,000

Excess 156,000

Percentage 25%


Exemption 1,000$


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Reg. Tax Layers Rate Tax

First $50,000 50,000 15% 7,500

Next $25,000 25,000 25% 6,250

Next $25,000 25,000 34% 8,500

Excess 200,000 39% 78,000

Excess 34%

Totals 300,000 100,250

Eastern - Regular Tax

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$306,000

(1,000)

305,000

20%

$61,000

$61,000

$100,250

$0


Minus: Regular tax liability

Tentative minimum tax

Alternative Min. Tax (AMT)

Minus: AMT foreign tax credit

Minus: Exemption

Times: 20% rate


Alterntive Minium tax base

Tentative AMT before credits

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Local Corporation (1 of 5)Local has regular taxable income of $100,000. Tax preference items and positive adjustments total $170,000. Local has no credits. AMT isa. $26,000. b. $29,500. c. $22,500. d. $10,000. e. $0.

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Taxable income 100,000$ Preference & Adjustments 170,000 Alt. minimum tax. incomeMinus: Exemption ($40,000-.25 X [$270,000 -$150,000])

Tax base for AMTTax (AMT base X 20%)Minus: Regular tax liabilityAlternative Minimum Tax

Local Corp. Alt. Minimum Tax (2 of 5)

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Taxable income 100,000$ Preference & Adjustments 170,000 Alt. minimum tax. income 270,000 Minus: Exemption ($40,000-.25 X [$270,000 -$150,000]) (10,000) Tax base for AMT 260,000 Tax (AMT base X 20%) 52,000 Minus: Regular tax liability (22,500) Alternative Minimum Tax 29,500$

Local Corp. Alt. Minimum Tax (3 of 5)

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AMTI 270,000

Threshold 150,000

Excess 120,000

Percentage 25%


Exemption 10,000$

Local - Alt. Min. Tax Exemp.

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Reg. Tax Layers Rate Tax

First $50,000 50,000 15% 7,500

Next $25,000 25,000 25% 6,250

Next $25,000 25,000 34% 8,500

Excess 39% 0

Excess 34%

Totals 100,000 22,250

Local - Regular Tax

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Small Corporation Exemption - 1

For tax years beginning after 1997, small corporations are not subject to AMT

–A small corporation has average annual gross receipts of $5 million or less for the preceding three-year period

–Small corporation continues to qualify as long as average gross receipts for the preceding three-year period do not exceed $7.5 million

–Sec. 55(e)

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Small Corporation Exemption -2

A corporation can maintain its exemption from the AMT if?

a. it reports average gross receipts of less than $1,000,000 per year

b. it reports average gross receipts of less than $7,500,000 per year

c. it reports average gross receipts of less than $5,000,000 per year

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Small Corporation Exemption -3

A corporation can maintain its exemption from the AMT if?

b. it reports average gross receipts of less than $7,500,000 per year

Moreland has this income, etc. this year: Taxable income $100,000Depreciation adjustment 18,000 Installment gain (not inventory sale) 80,000 (Recognized for GAAP, not for Tax)Fed. income tax prov. in Fin. stmts. 75,000 Penalties and fines 2,000 Private activity bond interest income 25,000 Other tax-exempt interest 20,000 Deprec. adjustment is an AMT adjustment.Private activity bond interest is tax preference.

Moreland Co. – AMT – 1 of 4

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Calculation of AMTI before ACE:

Taxable income

Add:

Priv. Act. Bond income

Depreciation adjust.

AMTI


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Calculation of AMTI before ACE:

Taxable income 100,000$

Add:

Priv. Act. Bond income 25,000

Depreciation adjust. 18,000

AMTI 143,000$


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Calculation of ACE Adjustment: AMTI before ACE 143,000$ Add:Deferred installment gainOther tax-exempt incomeAdjusted current earnings Less: AMTI Base amount for Ace Adj.Times rate:ACE Adjustment (positive)


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Calculation of ACE Adjustment: AMTI before ACE 143,000$ Deferred installment gain 80,000 Other tax-exempt income 20,000 Adjusted current earnings 243,000 Less: AMTI 143,000 Base amount for Ace Adj. 100,000 Times rate: 75%ACE Adjustment (positive) 75,000$


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Calculation of AMT: AMTI before ACE 143,000$ Plus: ACE Adjustment 75,000 AMTI 218,000 Less: Exemption 23,000 Alternative min. tax base 195,000 20% rate x 20% Tentative minimum tax 39,000 Less: regular tax (22,250) AMT(TMT-Regular tax) $16,750


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C Corporation Case – Old Law (Pg. 1 of 2)

• Dad started a C Corporation -- usually breaks even. Has little or no E & P.

• Owned by Dad & two adult children.

• Dad has terminal illness – will die soon. Corp. will collect life ins. of $10,000,000.

• Corporation does not need the money, and will distribute the money to Widow and Children.

Do you see any Tax Problems?

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C Corporation Case (Pg. 2 of 2)• C Corp. will owe AMT (ACE adj.)• 20% (of 75%) gives AMT of $1,500,000• That leaves $8,500,000 for distribution• Tax-free income increases E & P• Stockholders will pay about 40%, or

another $3,200,000. (Old tax law)• This is a total of $4,800,000 in tax.• Stockholders keep (after tax)

$5,200,000.• Would a temporary S election help?

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Note:

The purpose of the table (next two slides) is to show how our earlier study of earnings and profits set the stage for understanding the concept of adjusted current earnings.

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Slide 1 of 2 Adjust Adjust

Impact of Transactions AMTI to Income to

on ACE and E&P get ACE get E & P

Tax-exempt income (net of expense) Add Add

Federal income tax No effect Subtract

Div. rec. ded. (80% & 100% rules) No effect Add

Dividends rec. ded. (70% rule) Add Add

Exemption amount of $40,000 No effect No effect

Key employee insurance proceeds Add Add

Excess charitable contribution No effect Subtract

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Slide 2 of 2 Adjust Adjust

Impact of Transactions AMTI to Income to

on ACE and E&P get ACE get E & P

Excess capital losses No effect Subtract

Disallowed travel & entertainment No effect Subtract

Penalties and fines No effect Subtract

Int. drilling costs deducted currently Add Add

Deferred gain on installment sales Add Add

Unrecognized gain-invol. conv. No effect No effect

Loss on sale - related parties No effect Subtract

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Compliance and Procedural Considerations

The corporate AMT liability is reported on Form 4626 (Alternative Minimum Tax -- Corporations).

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The

End

Chapter 3A. Prod. Activities Deduct. Corporate AMT Howard Godfrey, Ph.D., CPA Professor of...

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