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References in periodicals archive ?
For tax years beginning in 1990, the ACE tax preference adjustment replaced the book income adjustment for the calculation of the corporate alternative minimum tax.
For tax years succeeding 1989, the ACE adjustment replaces the book income adjustment as the means of ensuring that corporations reporting substantial economic income do not escape taxation.
In computing alternative minimum taxable income (AMTI) for tax years beginning after 1986 and prior to 1990, one-half of the amount by which the corporation's pre-tax book income exceeded AMTI, determined without regard to the "book income adjustment" and any NOLs, was added to the otherwise computed AMTI.
After three years of coping with the arbitrary book income adjustment, corporate taxpayers for tax years beginning after December 31, 1989, will need to compute adjusted current earnings (ACE) to arrive at AMT income (AMTI).
As they prepare, they should consider the planning opportunities available during the final year of the book income adjustment, to take advantage of any differences.
Enacted as part of the Tax Reform Act of 1986, the ACE adjustment will replace the rather arbitrary book income adjustment as a means of capturing a measure of economic income within the AMT income base.
Following the 1989 Act, the ACE adjustment is no longer connected to the book income adjustment and will not require present value computations.
Under the original system, the book income adjustment under section 56(f) of the Internal Revenue Code is a corporate AMT addback equal to 50 percent of the positive excess of adjusted book income over tentative AMTI.
The calculation of current taxes and of the alternative minimum tax (AMT), the book income adjustment and the adjusted current earnings adjustment are covered in the chapter on calculating current income taxes.
In tax periods beginning before 1990, a corporation will need to add a book income adjustment (the "Business Untaxed Reported Profits" or "BURP" adjustment) to regular taxable income to determine AMTI.
Perhaps the most significant adjustment required for the AMT is the excess book income adjustment. The book income adjustment is an important concern for foreign corporations.
For years beginning in 1987 through 1989, the book income adjustment can only be positive (i.e., increase AMTI); while for years beginning after 1989, the adjustments can be negative, but only to the extent of previous post-1989 positive adjustments.