2010 form 4626-2025

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Standard Deductions For 2010, the Standard Deduction for married taxpayers filing a joint return is $11,400, the same as in 2009. For Single filers, the amount is $5,700 in 2010, up by $250 over 2009. Those filing as Head of Household can claim $8,400 in 2010, up $50 from 2009.
Unless a filing exclusion applies, a corporation must file Form 4626 to determine whether it is an applicable corporation and, if it is classified as an applicable corporation, to calculate CAMT.
Its average annual gross receipts for the three-tax-year period (or portion thereof during which the corporation was in existence) ending before its current tax year did not exceed $7.5 million ($5 million for the corporations first 3-tax-year period).
Exclusion items (for example, the standard deduction, certain tax-exempt interest, depletion, section 1202 exclusion, adjustments related to exclusion items), on the other hand, do cause a permanent difference. AMT is calculated on Form 6251.
Please note that the small business exemption is provided only for registered businesses. the $100,000 small business exemption requires that businesses file a timely renewal statement. No qualifying small business is required to pay tax if the annual business tax renewal is filed on time.
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The corporate AMT does not apply to S corporations, regulated investment companies, and real estate investment trusts. A corporations adjusted financial statement income is the net income or loss reported on the corporations applicable financial statement (AFS) with adjustments for certain items.
Form 4626 is required to file with a corporation tax return unless a filing exclusion applies.
California incorporates IRC 55(d)(2), which exempts the first $40,000 of alternative minimum taxable income from the alternative minimum tax. The exemption amount is reduced (but not below zero) by an amount equal to 25 percent of the amount by which the AMTI of a corporate taxpayer exceeds $150,000.

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