Form 100W Schedule P "Alternative Minimum Tax and Credit Limitations - Water's-Edge Filers" - California

What Is Form 100W Schedule P?

This is a legal form that was released by the California Franchise Tax Board - a government authority operating within California.The document is a supplement to . As of today, no separate filing guidelines for the form are provided by the issuing department.

Form Details:

  • The latest edition provided by the California Franchise Tax Board;
  • Easy to use and ready to print;
  • Quick to customize;
  • Compatible with most PDF-viewing applications;
  • Fill out the form in our online filing application.

Download a fillable version of Form 100W Schedule P by clicking the link below or browse more documents and templates provided by the California Franchise Tax Board.

ADVERTISEMENT
ADVERTISEMENT

Download Form 100W Schedule P "Alternative Minimum Tax and Credit Limitations - Water's-Edge Filers" - California

Download PDF

Fill PDF online

Rate (4.6 / 5) 21 votes
Page background image
Alternative Minimum Tax and
TAXABLE YEAR
CALIFORNIA SCHEDULE
2020
P (100W)
Credit Limitations — Water’s-Edge Filers
Attach to Form 100W.
Corporation name
California corporation number
Part I
Tentative Minimum Tax (TMT) and Alternative Minimum Tax (AMT) Computation
1 Net income (loss) after state adjustments. Enter the amount from Form 100W, line 17 or Schedule R, line 1c.
See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1
00
2 Adjustments. See instructions.
a Depreciation of tangible property placed in service after 1986 and before 1999 . . . . . .
2a
00
b Amortization of certified pollution control facilities placed in service after 1986 . . . . . .
2b
00
c Amortization of mining exploration and development costs incurred after 1987 . . . . . .
2c
00
d Basis adjustments in determining gain or loss from sale or exchange of property . . . . .
2d
00
e Long-term contracts entered into after February 28, 1986 . . . . . . . . . . . . . . . . . . . . . . .
2e
00
f Installment sales of certain property . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2f
00
g Tax shelter farm activities (personal service corporations only) . . . . . . . . . . . . . . . . . . .
2g
00
h Passive activities (closely held corporations and personal service corporations only) . .
2h
00
i Certain loss limitations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2i
00
j Beneficiaries of estates and trusts. Enter the amount from Schedule K-1 (541), line 12a
2j
00
k Merchant marine capital construction funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2k
00
l Combine line 2a through line 2k . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2l
00
3 Tax preference items. See instructions.
a Depletion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3a
00
b Intangible drilling costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3b
00
c Add line 3a and line 3b . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3c
00
4 Pre-adjustment alternative minimum taxable income (AMTI):
a Combine line 1, line 2l, and line 3c . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4a
00
b Apportioned pre-adjustment AMTI. If income is derived from sources both within and outside of California,
see instructions. Otherwise, enter the amount from line 4a . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4b
00
5 Adjusted current earnings (ACE) adjustment:
a Enter ACE. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5a
00
b Apportioned ACE. If income is derived from sources both within and outside of
California, see instructions. Otherwise, enter the amount from line 5a . . . . . . . . . . . . . .
5b
00
c Subtract line 4b from line 5b (even if one or both of the figures are negative).
If negative, use brackets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5c
00
d Multiply line 5c by 75% (.75) and enter the result as a positive number . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5d
00
e Enter the excess, if any, of the corporation’s total increases in AMTI from prior year ACE adjustments over its total
reductions in AMTI from prior year ACE adjustments. Enter an amount on line 5e (even if line 5c is positive) . . . . . . . . .
5e
00
f ACE adjustment:
• If line 5c is a positive amount or zero, enter the amount from line 5d on line 5f as a positive amount.
• If line 5c is a negative amount, enter the smaller of line 5d or line 5e on line 5f as a negative amount . . . . . . . . . . . . . .
5f
00
6 Combine line 4b and line 5f. If zero or less, enter 0 - - . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6
00
7 a Reduction for disaster loss deduction, if any, from Form 100W, line 21 . . . . . . . . . . . . .
7a
00
b AMT net operating loss deduction. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7b
00
c Combine line 7a and line 7b . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7c
00
8 AMTI. Subtract line 7c from line 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8
00
9 Enter $40,000 exemption. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9
00
10 Enter $150,000 limitation. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10
00
11 Subtract line 10 from line 8. If zero or less, enter 0 - - . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11
00
12 Multiply line 11 by 25% (.25) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12
00
13 Exemption. Subtract line 12 from line 9. If zero or less, enter 0 - - . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
13
00
14 Subtract line 13 from line 8. If zero or less, enter 0 - - . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14
00
15 Multiply line 14 by 6.65% (.0665). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
15
00
16 Banks and financial corps. Multiply Form 100W, line 22, by 2.00% (.0200). See instructions
16
00
7961203
Schedule P (100W) 2020 Side 1
Alternative Minimum Tax and
TAXABLE YEAR
CALIFORNIA SCHEDULE
2020
P (100W)
Credit Limitations — Water’s-Edge Filers
Attach to Form 100W.
Corporation name
California corporation number
Part I
Tentative Minimum Tax (TMT) and Alternative Minimum Tax (AMT) Computation
1 Net income (loss) after state adjustments. Enter the amount from Form 100W, line 17 or Schedule R, line 1c.
See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1
00
2 Adjustments. See instructions.
a Depreciation of tangible property placed in service after 1986 and before 1999 . . . . . .
2a
00
b Amortization of certified pollution control facilities placed in service after 1986 . . . . . .
2b
00
c Amortization of mining exploration and development costs incurred after 1987 . . . . . .
2c
00
d Basis adjustments in determining gain or loss from sale or exchange of property . . . . .
2d
00
e Long-term contracts entered into after February 28, 1986 . . . . . . . . . . . . . . . . . . . . . . .
2e
00
f Installment sales of certain property . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2f
00
g Tax shelter farm activities (personal service corporations only) . . . . . . . . . . . . . . . . . . .
2g
00
h Passive activities (closely held corporations and personal service corporations only) . .
2h
00
i Certain loss limitations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2i
00
j Beneficiaries of estates and trusts. Enter the amount from Schedule K-1 (541), line 12a
2j
00
k Merchant marine capital construction funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2k
00
l Combine line 2a through line 2k . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2l
00
3 Tax preference items. See instructions.
a Depletion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3a
00
b Intangible drilling costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3b
00
c Add line 3a and line 3b . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3c
00
4 Pre-adjustment alternative minimum taxable income (AMTI):
a Combine line 1, line 2l, and line 3c . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4a
00
b Apportioned pre-adjustment AMTI. If income is derived from sources both within and outside of California,
see instructions. Otherwise, enter the amount from line 4a . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4b
00
5 Adjusted current earnings (ACE) adjustment:
a Enter ACE. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5a
00
b Apportioned ACE. If income is derived from sources both within and outside of
California, see instructions. Otherwise, enter the amount from line 5a . . . . . . . . . . . . . .
5b
00
c Subtract line 4b from line 5b (even if one or both of the figures are negative).
If negative, use brackets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5c
00
d Multiply line 5c by 75% (.75) and enter the result as a positive number . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5d
00
e Enter the excess, if any, of the corporation’s total increases in AMTI from prior year ACE adjustments over its total
reductions in AMTI from prior year ACE adjustments. Enter an amount on line 5e (even if line 5c is positive) . . . . . . . . .
5e
00
f ACE adjustment:
• If line 5c is a positive amount or zero, enter the amount from line 5d on line 5f as a positive amount.
• If line 5c is a negative amount, enter the smaller of line 5d or line 5e on line 5f as a negative amount . . . . . . . . . . . . . .
5f
00
6 Combine line 4b and line 5f. If zero or less, enter 0 - - . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6
00
7 a Reduction for disaster loss deduction, if any, from Form 100W, line 21 . . . . . . . . . . . . .
7a
00
b AMT net operating loss deduction. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7b
00
c Combine line 7a and line 7b . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7c
00
8 AMTI. Subtract line 7c from line 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8
00
9 Enter $40,000 exemption. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9
00
10 Enter $150,000 limitation. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10
00
11 Subtract line 10 from line 8. If zero or less, enter 0 - - . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11
00
12 Multiply line 11 by 25% (.25) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12
00
13 Exemption. Subtract line 12 from line 9. If zero or less, enter 0 - - . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
13
00
14 Subtract line 13 from line 8. If zero or less, enter 0 - - . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14
00
15 Multiply line 14 by 6.65% (.0665). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
15
00
16 Banks and financial corps. Multiply Form 100W, line 22, by 2.00% (.0200). See instructions
16
00
7961203
Schedule P (100W) 2020 Side 1
Part I
Tentative Minimum Tax (TMT) and Alternative Minimum Tax (AMT) Computation (continued)
00
17 TMT. Add line 15 and line 16 from Side 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
17
00
18 Regular tax before credits. Enter the amount from Form 100W, line 23. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . .
18
00
19 AMT. Subtract line 18 from line 17. If zero or less, enter 0 . See instructions
- -
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
19
Part II Credits that Reduce Tax. See instructions.
1 Regular tax from Form 100W, line 23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1
00
00
2 TMT (before credits) from Part I, line 17 (but not less than the minimum franchise tax, if applicable) . . . . . . . . . . . . . . . .
2
(c)
(a)
(b)
(d)
Tax balance that
Credit amount
Credit used this
Credit
may be offset by
year*
carryover
Section A – Credits that reduce excess regular tax.
credits
3 Subtract line 2 from line 1. If zero or less, enter 0 and see instructions.
- -
This is the excess regular tax which may be offset by credits
. . . . . . . . . . . 3
A1 Credits that reduce excess regular tax and have no carryover provisions.
4 Code: 162 Prison Inmate Labor Credit. . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
A2 Credits that reduce excess regular tax and have carryover provisions.
See instructions.
5 Code:
___ ___ ___ Credit Name: ______________________________ 5
6 Code:
___ ___ ___ Credit Name: ______________________________ 6
7 Code:
___ ___ ___ Credit Name: ______________________________ 7
8 Code:
___ ___ ___ Credit Name: ______________________________ 8
9 Code: 188 Credit for prior year AMT from Part III, line 3. . . . . . . . . . . . . . 9
Section B – Credits that may reduce regular tax below TMT.
10 If Part II, line 3 is zero, enter the amount from line 1 minus the minimum
franchise tax, if applicable. If line 3 is more than zero, enter the total of
Part II, line 2, minus the minimum franchise tax, if applicable, plus line 9,
column (c) or the last entry in column (c) . . . . . . . . . . . . . . . . . . . . . . 10
B Credits that reduce net tax and have carryover provisions.
See instructions.
11 Code:
___ ___ ___ Credit Name: ______________________________ 11
12 Code:
___ ___ ___ Credit Name: ______________________________ 12
13 Code:
___ ___ ___ Credit Name: ______________________________ 13
14 Code:
___ ___ ___ Credit Name: ______________________________ 14
Section C – Credits that may reduce AMT. See instructions.
15 Enter the AMT from Part I, line 19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
16a Code: 180 Solar Energy Credit carryover from Section B, column (d) . . . . 16a
16b Code: 181 Commercial Solar Energy Credit carryover from
Section B, column (d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16b
17 Code: 176 Enterprise Zone Hiring & Sales or Use Tax Credit carryover
from Section B, column (d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
18 Adjusted AMT. Enter the balance from line 17, column (c) here and on
Form 100W, line 29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
Part III Credit for Prior Year AMT
00
1 Enter the AMT from the 2019 Schedule P (100W). See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1
00
2 Carryover of unused credit for prior year AMT. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2
00
3 Total available credit. Add line 1 and line 2. Enter here and on Part II, line 9, column (a).
. . . . . . . . . . . . . . . . . . . . . . . . . .
3
*If the corporation is subject to the credit limitation, the total of credits in Part II, column (b) cannot exceed $5,000,000. For taxpayers included in a
combined report, the limitation is applied at the group level. See instructions for more information.
7962203
Side 2 Schedule P (100W) 2020
Page of 2