Section 53(d), as revised, allows
corporations a minimum tax credit based on the full amount of
alternative minimum tax incurred in tax years beginning after 1989,
or a carryforward for use in a future year.
US Code:
26 USC
53 Name of Law: Credit for prior year minimum tax liability
US Code: 26
USC 6103 Name of Law: Confidentiality and disclosure of returns
and return information
PL: Pub.L. 110 - 289 3081 Name of Law:
Housing and Economic Recovery Act of 2008
PL: Pub.L. 111 - 5 1201 Name of Law: American Recovery and
Reinvestment Act
A corporation uses Form 8827 to
claim a refundable credit for certain unused minimum tax credits in
lieu of the special depreciation allowance for eligible qualified
property. P.L. 111-5, the American Recovery and Reinvestment Act,
section 1201 amended IRC section 168(k). Section 1201 provided an
extension, in certain cases, of the election described in IRC
section 168(k) to accelerate unused minimum tax credit
carryforwards in lieu of the special depreciation allowance on
certain property. Corporations will now have to determine whether
they wish to take advantage of the extension of the election and,
if so, will have to determine whether property falls in the
categories of eligible qualified property or extension
property. Lines 7 and 8 were revised to reflect changes resulting
from section 3081 of the Housing and Economic Recovery Act of 2008
(P.L. 110-289). These changes provided that corporations may elect
to claim increased minimum tax credits instead of claiming the
additional first year depreciation under section 168(k) for certain
property. These changes to the Form 8827 resulted in a total burden
increase of 267,250 hours. An adjustment in methodology was also
made to this ICR to be in line with IRS' burden methodology used
for similar forms. This adjustment also added an estimated total of
25,000 hours.
$327
No
No
Uncollected
Uncollected
Yes
Uncollected
D. Regier 202 622-3695
No
On behalf of this Federal agency, I certify that
the collection of information encompassed by this request complies
with 5 CFR 1320.9 and the related provisions of 5 CFR
1320.8(b)(3).
The following is a summary of the topics, regarding
the proposed collection of information, that the certification
covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a
benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control
number;
If you are unable to certify compliance with any of
these provisions, identify the item by leaving the box unchecked
and explain the reason in the Supporting Statement.
Form 8827 Credit for Prior Year Minimum Tax - Corporations
Summary of changes 2008.pdf
Credit for Prior Year Minimum Tax - Corporations