Form 8827 Credit for Prior Year Minimum Tax - Corporations

2008 Form 8827, Credit for Prior Year Minimum Tax – Corporations
Purpose: This is the first circulated draft of the 2008 Form 8827 for your review and
comments. There are no major changes.
TPCC Meeting: None, but one may be arranged if requested.
Prior Version: The 2007 Form 8827 is available at:
http://www.irs.gov/pub/irs-pdf/f8827.pdf
Other Products: Circulations of draft tax forms, instructions, notices, and publications
are posted at:
http://taxforms.web.irs.gov/Circulations/index.htm
Comments: Please email, fax, call, or mail any comments by June 23, 2008.
F. Diane Regier
Tax Forms and Publications
SE:W:CAR:MP:T:B:C
Email: [email protected]
Phone: 202-622-3695
Fax: 202-622-3262

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I.R.S. SPECIFICATIONS
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INSTRUCTIONS TO PRINTERS
FORM 8827, PAGE 1 of 2 (PAGE 2 IS BLANK)
MARGINS: TOP 13 mm (1⁄ 2 "), CENTER SIDES. PRINT: HEAD TO HEAD
PAPER: WHITE WRITING, SUB. 20.
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8827

Action

©

Revised proofs
requested

2008
Employer identification number

1
2

Alternative minimum tax (AMT) for 2007. Enter the amount from line 14 of the 2007 Form 4626
Minimum tax credit carryforward from 2007. Enter the amount from line 9 of the 2007 Form 8827

3

Enter any 2007 unallowed qualified electric vehicle credit (see instructions)

4
5

Add lines 1, 2, and 3
Enter the corporation’s 2008 regular income tax liability minus allowable tax credits (see
instructions)
Is the corporation a “small corporation” exempt from the AMT for 2008 (see instructions)?
● Yes. Enter 25% of the excess of line 5 over $25,000. If line 5 is $25,000 or less, enter -0● No. Complete Form 4626 for 2008 and enter the tentative minimum tax from line 12
Subtract line 6 from line 5. If zero or less, enter -0-

7

9

OMB No. 1545-1257

Attach to the corporation’s tax return.

Name

8

Signature

O.K. to print

Credit for Prior Year Minimum Tax—Corporations

Department of the Treasury
Internal Revenue Service

6

Date

Minimum tax credit. Enter the smaller of line 4 or line 7 here and on Form 1120, Schedule J,
line 5d or the appropriate line of the corporation’s income tax return. If the corporation had a
post-1986 ownership change or has pre-acquisition excess credits, see instructions
Minimum tax credit carryforward to 2009. Subtract line 8 from line 4. Keep a record of this
amount to carry forward and use in future years

Instructions

Line 6

Section references are to the Internal
Revenue Code unless otherwise noted.
Year references are to the corporation’s
tax year beginning during that year.
Corporations use Form 8827 to figure
the minimum tax credit, if any, for AMT
incurred in prior tax years and to figure
any minimum tax credit carryforward.

See the 2008 Instructions for Form 4626
to find out if the corporation is treated
as a “small corporation” exempt from
the AMT for 2008. If the corporation is a
“small corporation” exempt from the
AMT, see section 38(c)(5) before
completing line 6 for special rules that
apply to controlled corporate groups,
regulated investment companies, and
real estate investment trusts.

Who Should File

Line 8

Form 8827 should be filed by
corporations that had:

If the corporation had a post-1986
ownership change (as defined in section
382(g)), there may be a limit on the
amount of pre-change minimum tax
credits that can be applied against the
corporation’s tax for any tax year ending
after the ownership change. See section
383 and the related regulations. To
figure the amount of the pre-change
credit, the corporation must allocate the
credit for the change year between the
pre-change period and the post-change
period. The corporation must use the
same method of allocation (ratable
allocation or closing-of-the-books) for
purposes of sections 382 and 383. See
Regulations section 1.382-6 for details.

Purpose of Form

● An AMT liability in 2007,
● A minimum tax credit carryforward
from 2007 to 2008, or
● A qualified electric vehicle credit not
allowed for 2007 (see the instructions for
line 3).

Line 3
Enter any qualified electric vehicle credit
not allowed for 2007 solely because of
the tentative minimum tax limitations
under section 30(b)(3)(B).

Line 5
Enter the corporation’s 2008 regular
income tax liability (as defined in section
26(b)) minus any credits allowed under
Chapter 1, Subchapter A, Part IV,
subparts B, D, E, and F of the Internal
Revenue Code (for example, if you are
filing Form 1120, subtract any credits on
Schedule J, lines 5a through 5c, from
the amount on Schedule J, line 2).

1
2
3
4
5

6
7

8
9

If either limit applies, attach a
computation of the minimum tax credit
allowed. Enter that amount on line 8.
Write “Sec. 383” or “Sec. 384” on the
dotted line to the left of the line 8 entry
space.
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.
You are not required to provide the
information requested on a form that is
subject to the Paperwork Reduction Act
unless the form displays a valid OMB
control number. Books or records
relating to a form or its instructions must
be retained as long as their contents
may become material in the
administration of any Internal Revenue
law. Generally, tax returns and return
information are confidential, as required
by section 6103.

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Also, there may be a limit on the use
of pre-acquisition excess credits of one
corporation to offset the tax attributable
to recognized built-in gains of another
corporation. See section 384 for details.

Cat. No. 13008K

Printed on recycled paper

The time needed to complete and file
this form will vary depending on
individual circumstances. The estimated
average time is 1 hour.
If you have comments concerning the
accuracy of this time estimate or
suggestions for making this form
simpler, we would be happy to hear from
you. See the instructions for the tax
return with which this form is filed.

Form

8827

(2008)