CCH Axcess Tax

Accumulated AMT

Enter the "gross" accumulated AMT depreciation on any prior year MACRS assets or any ACRS assets that are subject to a tax preference. Do not include prior year Section 179, bonus depreciation, or the Commercial Revitalization/Disaster area clean-up & demolition expenses deduction. If an amount is not entered, the "Accumulated AMT" amount is calculated, and used in the current year AMT depreciation computation and will be Pro Formaed for next year.

If the business use of the asset is less than 100 percent, also enter the net business use accumulated AMT depreciation in this section. This will be used in the event of an automatic sale.

The "Accumulated AMT" entry is also used to compute the gain/loss basis adjustment as the difference between regular and AMT accumulated depreciation, when the asset is sold. This amount carries to Form 4626 or Schedule K.

Note: The current year AMT depreciation computation for MACRS property is subject to the same conventions (half-year, mid-month or mid-quarter) as regular depreciation.