Get 2008 Schedule P (100) -- Alternative Minimum Tax And Credit Limitations - Corporations. 2008

The 2008 Schedule P (100) is essential for corporations to report alternative minimum tax and credit limitations. Filling out this form accurately ensures compliance with California tax laws and can significantly impact your tax liabilities.

Follow the steps to accurately complete your Schedule P (100) online.

1. Press the ‘Get Form’ button to obtain the Schedule P (100) and open it in your preferred digital editor.
2. Begin by entering the corporation name and California corporation number at the top of the form.
3. In Part I, calculate the tentative minimum tax (TMT) and alternative minimum tax (AMT) by completing the lines for net income (loss), adjustments, tax preference items, and pre-adjustment AMTI. Follow the instructions associated with each line carefully.
4. For line 1, enter the amount from Form 100, line 18; Schedule R, line 1c; or Form 109. Ensure to pick the lesser value from line 1 or line 2.
5. Complete each adjustment line (2a to 2k) as applicable, based on your corporation's expenditures and income sources, ensuring precision in your entries.
6. After completing adjustment lines, calculate your pre-adjustment AMTI on line 4, then determine your adjusted current earnings (ACE) adjustments in section 5.
7. Proceed to line 6, combine the figures, and subtract any necessary deductions from lines 7a and 7b.
8. Continue filling out the remainder of Part I to reach AMTI and TMT, entering your AMT by subtracting the regular tax from the TMT calculated earlier.
9. Move to Part II to outline credits that reduce your tax; complete all sections accurately, providing credit amounts and identifying corresponding credit codes where required.
10. Complete Part III if applicable, inputting any carryover credits from year 2007 and bringing totals to Part II.
11. Review all entries for completeness and accuracy, ensuring all required fields are filled before submission.
12. Finally, save your changes, download, print, or share the completed Schedule P (100) as needed.

Start completing your 2008 Schedule P (100) online today to ensure your corporation meets tax obligations.