Table of Contents
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▶ See ACE Worksheet Instructions.
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| 1 | Pre-adjustment AMTI . Enter the amount from line 3 of Form 4626 | 1 | ||||||
| 2 | ACE depreciation adjustment: | |||||||
| a | AMT depreciation | 2a | ||||||
| b | ACE depreciation: | |||||||
| (1) | Post-1993 property | 2b(1) | ||||||
| (2) | Post-1989, pre-1994 property | 2b(2) | ||||||
| (3) | Pre-1990 MACRS property | 2b(3) | ||||||
| (4) | Pre-1990 original ACRS property | 2b(4) | ||||||
| (5) | Property described in sections 168(f)(1) through (4) | 2b(5) | ||||||
| (6) | Other property | 2b(6) | ||||||
| (7) | Total ACE depreciation. Add lines 2b(1) through 2b(6) | 2b(7) | ||||||
| c | ACE depreciation adjustment. Subtract line 2b(7) from line 2a | 2c | ||||||
| 3 | Inclusion in ACE of items included in earnings and profits (E&P): | |||||||
| a | Tax-exempt interest income | 3a | ||||||
| b | Death benefits from life insurance contracts | 3b | ||||||
| c | All other distributions from life insurance contracts (including surrenders) | 3c | ||||||
| d | Inside buildup of undistributed income in life insurance contracts | 3d | ||||||
| e | Other items (see Regulations sections 1.56(g)-1(c)(6)(iii) through (ix) for a partial list) | 3e | ||||||
| f | Total increase to ACE from inclusion in ACE of items included in E&P. Add lines 3a through 3e | 3f | ||||||
| 4 | Disallowance of items not deductible from E&P: | |||||||
| a | Certain dividends received | 4a | ||||||
| b | Dividends paid on certain preferred stock of public utilities that are deductible under section 247 | 4b | ||||||
| c | Dividends paid to an ESOP that are deductible under section 404(k) | 4c | ||||||
| d | Nonpatronage dividends that are paid and deductible under section 1382(c) | 4d | ||||||
| e | Other items (see Regulations sections 1.56(g)-1(d)(3)(i) and (ii) for a partial list) | 4e | ||||||
| f | Total increase to ACE because of disallowance of items not deductible from E&P. Add lines 4a through 4e | 4f | ||||||
| 5 | Other adjustments based on rules for figuring E&P: | |||||||
| a | Intangible drilling costs | 5a | ||||||
| b | Circulation expenditures | 5b | ||||||
| c | Organizational expenditures | 5c | ||||||
| d | LIFO inventory adjustments | 5d | ||||||
| e | Installment sales | 5e | ||||||
| f | Total other E&P adjustments. Combine lines 5a through 5e | 5f | ||||||
| 6 | Disallowance of loss on exchange of debt pools | 6 | ||||||
| 7 | Acquisition expenses of life insurance companies for qualified foreign contracts | 7 | ||||||
| 8 | Depletion | 8 | ||||||
| 9 | Basis adjustments in determining gain or loss from sale or exchange of pre-1994 property | 9 | ||||||
| 10 | Adjusted current earnings. Combine lines 1, 2c, 3f, 4f, and 5f through 9. Enter the result here and on line 4a of Form 4626 | 10 | ||||||
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