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1
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Pre-adjustment AMTI . Enter the amount from line 3 of Form 4626
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1
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2
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ACE depreciation adjustment:
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a
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AMT depreciation
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2a
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b
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ACE depreciation:
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(1)
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Post-1993 property
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2b(1)
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(2)
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Post-1989, pre-1994 property
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2b(2)
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(3)
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Pre-1990 MACRS property
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2b(3)
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(4)
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Pre-1990 original ACRS property
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2b(4)
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(5)
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Property described in sections 168(f)(1) through (4)
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2b(5)
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(6)
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Other property
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2(b6)
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(7)
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Total ACE depreciation. Add lines 2b(1) through 2b(6)
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2b(7)
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c
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ACE depreciation adjustment. Subtract line 2b(7) from line 2a
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2c
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3
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Inclusion in ACE of items included in earnings and profits (E&P):
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a
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Tax-exempt interest income
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3a
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b
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Death benefits from life insurance contracts
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3b
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c
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All other distributions from life insurance contracts (including surrenders)
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3c
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d
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Inside buildup of undistributed income in life insurance contracts
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3d
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e
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Other items (see Regulations sections 1.56(g)-1(c)(6)(iii) through (ix) for a partial
list)
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3e
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f
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Total increase to ACE from inclusion in ACE of items included in E&P. Add lines 3a through
3e
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3f
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4
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Disallowance of items not deductible from E&P:
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a
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Certain dividends received
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4a
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b
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Dividends paid on certain prefered stock of public utilities that are deductible under section
247
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4b
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c
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Dividends paid to an ESOP that are deductible under section 404(k)
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4c
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d
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Nonpatronage dividends that are paid and deductible under section 1382(c)
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4d
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e
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Other items (see Regulations sections 1.56(g)-1(d)(3)(i) and (ii) for a partial list)
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4e
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f
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Total increase to ACE because of disallowance of items not deductible from E&P. Add lines
4a through 4e
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4f
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5
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Other adjustments based on rules for figuring E&P:
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a
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Intangible drilling costs
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5a
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b
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Circulation expenditures
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5b
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c
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Organizational expenditures
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5c
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d
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LIFO inventory adjustments
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5d
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e
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Installment sales
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5e
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f
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Total other E&P adjustments. Combine lines 5a through 5e
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5f
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6
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Disallowance of loss on exchange of debt pools
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6
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7
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Acquisition expenses of life insurance companies for qualified foreign contracts
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7
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8
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Depletion
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8
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9
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Basis adjustments in determining gain or loss from sale or exchange of pre-1994
property
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9
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10
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Adjusted current earnings. Combine lines 1, 2c, 3f, 4f, and 5f through 9. Enter the
result here and on line 4a of Form 4626
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10
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