OMB No. 1545-1073

Form 8801

Department of the Treasury

Internal Revenue Service

Attachment

Sequence No. 74 © Attach to your tax return.

Name(s) shown on return Identifying number

Net Minimum Tax on Exclusion Items

Enter the amount from line 4 of 1991 Form 6251. Form 1041 filers, see instructions 1 1

2 Enter adjustments and tax preference items treated as exclusion items. See instructions 2

3 ( ) 3 Minimum tax credit net operating loss deduction. See instructions

Combine lines 1, 2, and 3. If zero or less, enter -0- here and on line 15 and go to Part II. If more

than $155,000 and you were married filing separately for 1991, see instructions

4

4

5 Enter the amount from line 12 of 1991 Form 6251. Form 1041 filers, enter $20,000 5

6 Enter the amount from line 13 of 1991 Form 6251. Form 1041 filers, enter $75,000 6

7 Subtract line 6 from line 4. If zero or less, enter -0- here and on line 8 and go to line 9 7

8 Multiply line 7 by 25% (.25) 8

9 Subtract line 8 from line 5. If zero or less, enter -0-. If completing for a child under 14, see instructions 9

10 Subtract line 9 from line 4. If zero or less, enter -0- here and on line 15, and go to Part II 10

11 Multiply line 10 by 24% (.24). Form 1040NR filers, see instructions 11

12 Minimum tax foreign tax credit on exclusion items. See instructions 12

13 Tentative minimum tax on exclusion items. Subtract line 12 from line 11 13

14 Enter the amount from line 21 of 1991 Form 6251, or line 38c of 1991 Form 8656 14

15 Net minimum tax on exclusion items. Subtract line 14 from line 13. If zero or less, enter -0- 15

Minimum Tax Credit and Carryforward to 1993

16 Enter the amount from line 22 of 1991 Form 6251, or line 39 of 1991 Form 8656 16

17 Enter the amount from line 15 above 17

18 Subtract line 17 from line 16. If less than zero, enter as a negative amount 18

19 19 1991 minimum tax credit carryforward. Enter the amount from line 26 of 1991 Form 8801

Enter your 1991 unallowed credit for fuel produced from a nonconventional source, plus your

1991 unallowed orphan drug credit. See instructions

20

20

21 Combine lines 18, 19, and 20. If zero or less, stop here and see instructions 21

22 Enter your 1992 regular income tax liability minus allowable credits. See instructions 22

23 Enter the amount from line 20 of 1992 Form 6251, or line 37 of 1992 Schedule H (Form 1041) 23

24 Subtract line 23 from line 22. If zero or less, enter -0- 24

25 Minimum tax credit. Enter the smaller of line 21 or line 24. Also enter this amount on the

appropriate line of your 1992 tax return. See instructions 25

26 Minimum tax credit carryforward to 1993. Subtract line 25 from line 21. See instructions 26

Recordkeeping.—Use Form 8801 each

year to see if you have a minimum tax

credit and to keep track of any credit

carryforward (see line 26 of your 1991

Form 8801).

General Instructions

(Section references are to the Internal

Revenue Code. )

Purpose of Form

Paperwork Reduction Act Notice.—

We ask for the information on this form

to carry out the Internal Revenue laws of

the United States. You are required to

give us the information. We need it to

ensure that you are complying with

these laws and to allow us to figure and

collect the right amount of tax. Specific Instructions

Form 8801 is used by individuals, trusts,

and estates to compute the minimum

tax credit, if any, for alternative minimum

tax (AMT) incurred in prior tax years after

1986. The form is also used to figure

any minimum tax credit carryforward

that may be used in future years.

The AMT is attributable to two types of

adjustments and tax preference items—

“exclusion items” and “deferral items.”

The minimum tax credit is allowed only

on the AMT attributable to deferral items.

Who Should File

The time needed to complete and file

this form will vary depending on

individual circumstances. The estimated

average time is:

Deferral items are generally

adjustments and tax preference items

that do not cause a permanent

difference in taxable income over a

number of years. An example is

depreciation. Exclusion items, on the

other hand, cause a permanent

difference in taxable income. An

example is the standard deduction.

Form 8801 should be completed by

individuals, trusts, and estates that had:

Recordkeeping 1 hr., 33 min.

● An AMT liability in 1991 and

adjustments or tax preference items

(other than exclusion items) in 1991;

Learning about the 

law or the form 1 hr., 3 min.

Preparing the form 1 hr.

● A minimum tax credit carryforward

from 1991 to 1992; or

Copying, assembling, and 

sending the form to the IRS 17 min.

● A 1991 unallowed nonconventional

source fuel credit or unallowed orphan

drug credit (see the instructions for line

20).

If you have comments concerning the

accuracy of these time estimates or

Cat. No. 10002S

Part II

Part I

suggestions for making this form more

simple, we would be happy to hear from

you. You can write to both the IRS and

the Office of Management and Budget

at the addresses listed in the

instructions of the tax return with which

this form is filed.

Credit For Prior Year Minimum Tax—

Individuals and Fiduciaries

Form 8801 (1992)
Line 1—Form 1041 filers.—Skip lines 1

through 3 of Form 8801. Complete Parts

I and II of another 1991 Form 8656,

Alternative Minimum Tax—Fiduciaries.

For Part I of Form 8656, take into

account only exclusion items (the

amounts included on lines 4e and 6d of

Form 8656). On line 9 of Form 8656, use

the minimum tax credit net operating

loss deduction (MTCNOLD). However, do

not limit the MTCNOLD to 90% of the

amount on line 8 of Form 8656 (see the

instructions for line 3 below for how to

compute the MTCNOLD). On Part II of

Form 8656, do not take into account

any basis adjustments arising from

deferral items in completing lines 18 and

19. If the amount on line 12 of Form

8656 is zero or less, enter zero on line 4

of Form 8801. Otherwise, enter the

amount from line 12 of Form 8656,

adjusted for exclusion items that were

allocated to the beneficiary, on line 4 of

Form 8801.

Form 8801 (1992) Page 2

Step 3. Complete Part IV of Form

1116. Enter the refigured credit from line

32 of Form 1116 on line 12 of Form

8801.

For loss years beginning before 1987,

the amount of MTCNOL that may be

carried forward to tax years beginning

after 1986 is equal to the amount of

regular tax NOL that may be carried

from such loss years to the first tax year

beginning after 1986.

Line 20.—Enter the unused portion of

your 1991 credit for fuel produced from

a nonconventional source that was not

allowed solely because of the limitation

under section 29(b)(5)(B). Also include on

this line the unused part of your 1991

orphan drug credit not allowed solely

because of the limitation under section

28(d)(2)(B).

To determine the amount of MTCNOL

that may be carried to tax years other

than 1991, apply sections 172(b)(2) and

172(d), with appropriate modifications to

take into account exclusion items.

Line 4.—If you were married filing

separately for 1991 and line 4 is greater

than $155,000, you must include an

additional amount on line 4. If line 4 is

$235,000 or more, include an additional

$20,000 on line 4. Otherwise, include

25% of the excess of the amount on line

4 over $155,000. For example, if the

amount on line 4 is $175,000, enter

$180,000 instead—the additional $5,000

is: $20,000 ($175,000 minus $155,000)

times 25%.

Line 21.—If line 21 is zero or less, you

do not have a minimum tax credit or a

minimum tax credit carryforward. Do not

complete the rest of this form.

Line 22.—Follow the instructions below

and refer to your 1992 income tax return

to figure the amount to enter on line 22.

Form 1040.—Subtract from the

amount on line 40 the total of any credits

on lines 41 through 44 (not including any

credit for prior year minimum tax) and

any write-in credit on line 45.

Line 9.—If you are completing this form

for a child who was under age 14 on

January 1, 1992, and at least one of the

child’s parents was alive on December

31, 1991, do not follow the instructions

on the form for line 9. Instead, if line 8 is

equal to or more than line 5, enter zero;

otherwise, enter the smaller of (1) the

amount by which line 5 exceeds line 8,

or (2) the amount entered on line F of

the worksheet for line 16 of the child’s

1991 Form 6251.

Note: If you included any of the

exclusion items on a line other than

those listed above, include that item in

the amount to be entered on line 2. For

example, if depletion was included on

Form 6251 as an adjustment on line 5q

(passive activity loss) instead of on line

6c (depletion), include it as an exclusion

item when figuring the amount for line 2.

Form 1040NR.—Subtract from the

amount on line 38 the total of any

credits on lines 39 through 41 (not

including any credit for prior year

minimum tax) and any write-in credit on

line 42.

Line 12—Minimum tax foreign tax

credit on exclusion items.—Refigure

your mimimum tax foreign tax credit

using only exclusion items attributable to

sources outside the United States. To do

this, use a separate 1991 Form 1116,

Foreign Tax Credit, for each type of

income and follow the steps below.

Form 1041.—Subtract the total of any

credits on lines 2a through 2c, Schedule G

from the amount on line 1, Schedule G.

Line 3—Minimum tax credit net

operating loss deduction

(MTCNOLD).—Your MTCNOLD is the

aggregate of the minimum tax credit net

operating loss (MTCNOL) carryovers and

carrybacks to 1991. The MTCNOLD is

not limited to 90% of alternative

minimum taxable income (AMTI)

computed by taking into account only

exclusion items. Your MTCNOL is figured

as follows:

Step 1. Fill in Part I of Form 1116

using that portion of your taxable

income and exclusion items attributable

to sources outside the United States.

Line 25—Minimum tax credit.—Enter

the minimum tax credit on the following

line of your tax return:

Form 1040, line 44.

Form 1040NR, line 41.

Step 2. Fill in Part III of Form 1116.

However, instead of entering the AMT

foreign tax credit carryforward on line 10

of Form 1116, use the foreign tax credit

carryforward, if any, figured on exclusion

items last year. Enter the amount from

line 4 of Form 8801 on line 17 of Form

1116. Enter the amount from line 11 of

Form 8801 reduced by the child care

credit and the credit for the elderly or

the disabled, if any, on line 19 of Form

1116.

Form 1041, line 2d, Schedule G.

For loss years beginning after 1986,

your MTCNOL is the excess of the

deductions allowed in computing AMTI

(excluding the MTCNOLD), taking into

account only exclusion items, over the

income included in computing AMTI,

taking into account only exclusion items.

This excess is computed with the

modifications in section 172(d), taking

into account exclusion items (i.e., the

section 172(d) modifications should be

separately computed in figuring the

MTCNOL).

All others, enter the minimum tax

credit on the line provided on your tax

return.

For example, the limitation of

nonbusiness deductions to the amount

of nonbusiness income must be

separately computed in figuring the

MTCNOL using only nonbusiness

income and deductions taking into

account only exclusion items. However,

ignore the disallowance of the deduction

for personal exemptions under section

172(d)(3) because it has already been

taken into account in computing AMTI

using only exclusion items.

Line 26—Carryforward of minimum tax

credit.—Keep a record of this amount

because it can be carried forward and

used in future years.

Line 2.—Enter on this line the

adjustments and tax preference items

treated as exclusions. Exclusion items

are your AMT adjustments and tax

preference items for: the standard

deduction, itemized deductions

(including any investment interest

expense reported on Schedule E), the

deduction for charitable contributions of

appreciated property, certain tax-exempt

interest, and depletion. Combine lines 5a

through 5g and 6a through 6c of your

1991 Form 6251. Enter the amount on

line 2.

If line 13 of Form 1116 is greater than

line 20 of Form 1116, keep a record of

the difference between those two lines.

This amount is carried forward and used

to compute your foreign tax credit on

exclusion items next year.

Line 11.—If you filed Form 1040NR for

1991 and had a net gain on the

disposition of U.S. real property

interests, enter on line 11 the larger of

(1) 21% of the net gain or (2) 24% of

line 10. Otherwise, enter 24% of line 10.