Section 53(d), as revised, allows corporations a minimum tax credit based on the full amount of alternative minimum tax incurred in tax years beginning after 1989, or a carryforward for use in a future year.
US Code:
26 USC 53
Name of Law: Credit for prior year minimum tax liability
US Code:
26 USC 6103
Name of Law: Confidentiality and disclosure of returns and return information
Program Changes Due to Agency Discretion:
Changes were made to form 8827 pursuant to IRC Section 168(k)(4)(H))and IRC Section 168(k)(2) and (K(4)(I).
On line 8c, references to Form 1120 for reporting the refundable credit have been changed to Schedule J, Part II, line 19c ( to reflect related changes to the 2011 Form 1120).
On page 2, the Worksheet for Calculating the Refundable Minimum Tax Credit Amount was updated to reflect that the allowable amount for extension property applies to property placed in service before January 1, 2010. For 2011, the allowable amounts in lieu of depreciation for extension property will be deductible only as a pass-through amount from a partnership. The instructions will be further clarified to reflect this.
(IRC sec. 168(k)(4)(H))
The allowable credit in lieu of for round 2 extension property applies for property placed in service after December 31, 2011. In addition, the refundable credit for round 2 extension property applies for unused minimum tax credits and not for unused research credit. The worksheet and the related instructions for Form 8827 were revised in 2010 to reflect the changes for fiscal year filers with a tax year ending after December 31, 2010.
The changes will apply to all corporations for the 2011 tax year. The instructions for line 7b have been revised to reflect this. (IRC sec. 168(k)(2) and (K(4)(I).
These changes resulted in a 19,250 decrease in total burden hours. This form is being submitted for renewal purposes only.
$327
No
No
No
No
Yes
Uncollected
D. Regier 202 622-3695
No
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
Form Form 8827 Credit for Prior Year Minimum Tax - Corporations
F8827_Sup Stmnt.doc
Summary of changes.pdf
Credit for Prior Year Minimum Tax - Corporations