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• W105820435 abstract "ACE LITE: CONGRESS EASES THE AMT COMPUTATION It's still a wicked brew! Thanks to the Revenue Reconciliation Act of 1989, computing the alternative minimum tax (AMT) will be slightly simpler. After three years of coping with the arbitrary book income adjustment, corporate taxpayers for tax years beginning after December 31, 1989, will need to compute adjusted current earnings (ACE) to arrive at AMT income (AMTI). But the ACE calculations mandated by the Tax Reform Act of 1986 have been simplified by eliminating the present value and book comparisons. Practitioners now must be prepared to implement the new simplified ACE computations. As they prepare, they should consider the planning opportunities available during the final year of the book income adjustment, to take advantage of any differences. (See exhibit 1 Comparison of book income to adjusted current earnings.) In addition, corporations must focus on ACE to make meaningful financial projections of future tax liability, to make accruals for purposes of Financial Accounting Standards Board Statement no. 96, Accounting for Income Taxes, and to make 1990 estimated tax payments. Although the first ACE tax return for a calendar year corporation is not due until September 16, 1991, if it's extended, estimated payments for 1990 must take ACE into account. This means certain corporations could be affected as early as April 16, 1990. However, a special rule may defer the need for an estimated ACE computation until June 15, 1990. A SEPARATE SET OF RECORDS In order to determine ACE, corporations must prepare and maintain a separate set of records for certain types of income and expense that are accounted for differently under ACE. As exhibit 2 ACE computation schedule shows, the ACE calculation starts with AMTI before AMT net operating losses or the ACE adjustment (tentative AMTI), and then a series of adjustments is made to arrive at ACE. Tentative AMTI then is subtracted from ACE and 75% of this difference becomes the ACE adjustment. Although ACE is not equivalent to current earnings and profits, some of the adjustments used in computing ACE rely on E&P concepts. ACE DEPRECIATION: THE OLD AND THE NEW Perhaps the most complex and pervasive adjustment to ACE is the depreciation adjustment. As originally enacted in the 1986 TRA, depreciation would have been computed in four steps: 1. One of four appropriate classifications was selected for each asset. 2. Depreciation was calculated over the remaining life of each asset by a prescribed method. 3. The net present value of this stream of depreciation deductions was computed. 4. The result of this computation was compared with a similar computation prepared using the book method. The adopted ACE depreciation method would have been the slower (lower net present value) of the two. This comparison would have been necessary for each asset or class of assets. The new law simplifies the ACE depreciation computation significantly by eliminating the present value requirements and the book comparison. Now, to compute ACE depreciation, assets must be grouped into one of four classes and depreciated using the prescribed method for each group, depending on when the assets were placed in service. Post-1989 acquisitions. Property placed in service in tax years beginning after 1989 is depreciated using the alternative depreciation system of Internal Revenue Code section 168(g). This requires straight-line recovery over the property's class life. Modified accelerated cost recovery system (MACRS) property. MACRS property placed in service before 1990 tax years is depreciated based on the AMT adjusted basis of the property as of the close of the last tax year beginning before 1990. The straight-line method is used over the remainder of the recovery period (generally class life, as specified in section 168(g)). …" @default.
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• W105820435 title "ACE Lite: Congress Eases the AMT Computation. It's Still a Wicked Brew!" @default.
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