Get 2010 Schedule P (100) -- Alternative Minimum Tax And Credit Limitations Corporations. 2010

Filling out the 2010 Schedule P (100) is essential for corporations to compute their alternative minimum tax and credit limitations. This guide provides step-by-step instructions to assist users in completing this form accurately and efficiently online.

Follow the steps to successfully complete the Schedule P (100) form.

1. Press the ‘Get Form’ button to access the form and open it in the designated editor.
2. Begin with Part I. Enter the corporation name at the top of the form and the California corporation number. This information is vital for identifying your corporation.
3. In section 1, input the net income or loss after state adjustments. This figure can be taken from the appropriate lines of Form 100, Schedule R, or Form 109. Ensure that you are entering the lesser of the applicable amounts.
4. Continue with adjustments in section 2. Review each subsection labeled 2a to 2k, and enter the appropriate amounts based on your corporation's specific circumstances.
5. Next, identify any tax preference items in section 3, such as depletion and intangible drilling costs, and input the relevant amounts in subsections 3a to 3f.
6. Calculate your pre-adjustment alternative minimum taxable income (AMTI) in section 4. Aggregate the results from lines 1, 2l, and 3f. If any part of your income is derived from out-of-state sources, refer to the instructions regarding apportioned AMTI.
7. In section 5, complete the adjusted current earnings (ACE) adjustment. Follow the instructions closely to enter the values correctly and compute your final ACE adjustment.
8. Proceed to section 6 and deduct any applicable disaster loss carryover and AMT net operating loss deductions. Complete the remaining calculations to reach your AMTI figure.
9. Continue through the form filling out all relevant sections carefully, ensuring to review sections that deal with the Tentative Minimum Tax (TMT), regular tax, and the credits that may reduce tax — found in Part II and Part III.
10. Once you have completed all calculations, ensure to save your changes. You will have the option to download, print, or share the completed form as necessary.

Start completing your documents online today for a smoother filing experience.