4626 Instructions for Form 4626, Alternative Minimum Tax - Co

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2023

Instructions for Form 4626

Department of the Treasury
Internal Revenue Service

Alternative Minimum Tax—Corporation

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December 20, 2023
Section references are to the Internal Revenue Code unless
otherwise noted.

Future Developments

For the latest information about developments to Form 4626
and its instructions, such as legislation enacted after they
were published, go to IRS.gov/Form4626.

What’s New

New corporate alternative minimum tax. For tax years
beginning after 2022, the Inflation Reduction Act of 2022
amended section 55 to impose a new corporate alternative
minimum tax (CAMT) based on the adjusted financial
statement income (AFSI) of an applicable corporation.

General Instructions

For tax years beginning after 2022, Form 4626 is used to
determine whether a corporation is an applicable corporation
under section 59(k) and to calculate CAMT under section 55
for applicable corporations.
Consolidated returns. For an affiliated group filing a
consolidated return under the rules of section 1501, CAMT is
calculated on a consolidated basis.

Who Must File

Unless a filing exclusion applies, a corporation must file Form
4626 to determine whether it is an applicable corporation
and, if it is classified as an applicable corporation, to
calculate CAMT.

Filing exclusions. A corporation is not required to file Form
4626 if the corporation is:
• An S corporation,
• A regulated investment company (RIC),
• A real estate investment trust (REIT), or
• A corporation that is not required to file Form 4626 for the
first tax year beginning after 2022 because it is not an
applicable corporation under the simplified method and
chooses to apply that method.

When To File

Attach Form 4626 to the corporation’s income tax return (or, if
applicable, exempt organization business income tax return)
and file by the due date (including extensions) for that return.

Certain rules described in these instructions are interim rules
from notices published in the Internal Revenue Bulletin.
Taxpayers are not required to apply such interim rules but
may optionally rely on them for a limited period of time
(including 2023). Taxpayers should complete Form 4626 in a
manner that reflects the interim rules they have chosen to rely
on.
Dec 18, 2023

The following notices contain interim rules related to
CAMT:
• Notice 2023-7, 2023-3 I.R.B. 390, available at IRS.gov/irb/
2023-03_IRB#NOT-2023-7.
• Notice 2023-20, 2023-10 I.R.B. 523, available at
IRS.gov/irb/2023-10_IRB#NOT-2023-20.
• Notice 2023-42, 2023-26 I.R.B. 1085, available at
IRS.gov/irb/2023-26_IRB#NOT-2023-42.
• Notice 2023-64, 2023-40 I.R.B. 974, available at
IRS.gov/irb/2023-40_IRB#NOT-2023-64.
• Notice 2024-10, available at IRS.gov/pub/irs-drop/
n-24-10.pdf.

Definitions

Applicable Corporation

Purpose of Form

Interim Guidance

References to interim guidance contained in these
instructions are indicated with reference to the notice from
which they originate.

An applicable corporation is, with respect to any tax year, any
corporation (other than an S corporation, a RIC, or a REIT)
that satisfies an average annual adjusted financial statement
income test (the AFSI Test) for 1 or more tax years which are
prior to such tax year and that end after December 31, 2021.
See section 59(k)(1)(A). Also, see the instructions for Part
I—Applicable Corporation Determination.

Adjusted Financial Statement Income (AFSI)

AFSI is, with respect to any corporation for any tax year, the
corporation’s net income or loss on its applicable financial
statement (AFS) (defined later) for that tax year with specific
adjustments including those noted below. See sections 56A
and 59(k) for more information. Also, see the instructions for
Part I—Applicable Corporation Determination, and Part
II—Corporate Alternative Minimum Tax (CAMT).
• Appropriate adjustments to AFSI are made when the AFS
reporting year covers a period other than the corporation’s
tax year.
• If the financial results of a corporation are reported on the
AFS for a group of entities (AFS Group), rules similar to the
rules in section 451(b)(5) that treat the AFS of the group as
the AFS of the corporation apply.
• If the corporation is part of a tax consolidated group for any
tax year, AFSI, for that group for that tax year, must consider
items on the group’s AFS that are properly allocable to the
group’s members.
• For any corporation that is not included on a consolidated
return with the taxpayer corporation, the taxpayer
corporation's AFSI with respect to the other corporation is
determined by only taking into account the dividends
received from that corporation and other amounts which are
includible in gross income or deductible as a loss under
Chapter 1 of the Internal Revenue Code (other than amounts
required to be included under sections 951 and 951A) with
respect to that corporation.
• If the corporation is a partner in a partnership, the
corporation’s AFSI with respect to that partnership is

Cat. No. 64443L

adjusted to consider only the corporation’s distributive share
of that partnership’s AFSI. A partnership’s AFSI is the net
income or loss on that partnership’s AFS adjusted under
rules similar to those in section 56A.
• A corporation’s AFSI includes the AFSI of any disregarded
entity owned by the corporation.
• If the corporation is a U.S. shareholder of one or more
controlled foreign corporations (CFCs), its AFSI with respect
to the CFCs is adjusted to take into account its pro-rata share
(determined under rules similar to the rules in section 951(a)
(2)) of items taken into account in calculating the net income
or loss set forth on each CFC's AFS, as adjusted under rules
similar to those that apply in determining AFSI. This is
adjusted net income or loss of CFCs. Note that Notice
2023-64, section 7.02(5), provides that the CFC income or
loss is not limited to effectively connected income. If the AFSI
adjustment is negative, no adjustment is made for that tax
year. However, any adjustment in a succeeding tax year is
reduced by that negative amount.
• A foreign corporation's AFSI is determined under the
principles of section 882, which subjects a foreign
corporation to federal income tax on its taxable income that is
effectively connected with the conduct of a trade or business
in the United States.
• AFSI is adjusted to disregard federal income taxes, and
income, war profits, and excess profits taxes (within the
meaning of section 901), with respect to a foreign country or
U.S. territory which are taken into account on the
corporation's AFS.
• A section 1381 cooperative’s AFSI excludes section
1382(b) cooperative patronage dividends and per-unit retain
allocations not otherwise used in calculating AFSI.
• An Alaska native corporation’s AFSI is adjusted to allow:
1. Cost recovery and depletion attributable to property
with a basis determined by the Alaska Native Claims
Settlement Act (the Act) (43 U.S.C. section 1602(c)); and
2. Deductions for amounts payable under section 7(i) or
7(j) of the Act (43 U.S.C. section 1602(i) and (j)) only when
the deductions are allowed for federal income tax purposes.
• AFSI excludes amounts treated as payments against a
federal income tax pursuant to an election under section
48D(d) or section 6417 or, in the case of a corporation that
relies on Notice 2023-7, certain amounts received from the
transfer of an eligible credit, as defined in section 6418(f)(1)
(A).
• AFSI is adjusted to not include any item of income in
connection with a mortgage servicing contract prior to the
amount being included in income for federal income tax
purposes. (“Federal income tax purposes” as used in these
instructions excludes CAMT.)
• AFSI adjustments for covered benefit plans include:
1. Adjustments to disregard any income, cost, or
expense that would otherwise be included on the AFS in
connection with any covered benefit plan;
2. Increases for any covered benefit plan income that is
includible in the corporation’s gross income for federal
income tax purposes; and
3. Decreases for any covered benefit plan deduction
allowed to the corporation for federal income tax purposes.

defined benefit plan which provides post-employment
benefits other than pension benefits.
• The AFSI of a tax-exempt entity subject to the section 511
unrelated business income tax is adjusted to only take into
account any AFSI:
1. Of an unrelated trade or business (as defined in
section 513) of the organization; or
2. Derived from debt-financed property (as defined in
section 514) to the extent that income from the property is
treated as unrelated business taxable income.
• AFSI is reduced by section 167 depreciation deductions
on section 168 property that are allowed in calculating
taxable income for the tax year and adjusted to remove any
depreciation expense included in the taxpayer's AFS for the
section 168 property.
• AFSI is reduced by any qualified wireless spectrum
amortization deductions allowed under section 197 in
calculating taxable income for the tax year and adjusted to
remove any qualified wireless spectrum related amortization
expense included in the corporation's AFS. For AFSI
purposes, qualified wireless spectrum is wireless spectrum
that is used in the trade or business of a wireless
telecommunications carrier and was acquired after
December 31, 2007, and before August 16, 2022.
• Section 56A(c)(15) authorizes guidance providing for
additional adjustments to AFSI, including those necessary to
prevent the duplication or omission of an item. The Interim
Guidance provided in Notice 2023-7, Notice 2023-20, and
Notice 2023-64 provides for additional adjustments to AFSI
available to taxpayers who rely on the Interim Guidance. See
Interim Guidance, earlier.

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A covered benefit plan under section 56A(c)(11)(B) is a
defined benefit plan (other than a multiemployer plan
described in section 414(f)) that is qualified under section
401(a) with a trust exempt under section 501(a), any qualified
foreign plan as defined in section 404A(e), or any other
2

Applicable Financial Statement (AFS)

An AFS is a financial statement which is in descending order
of priority, either a generally accepted accounting principles
(GAAP) statement, an international financial reporting
standards (IFRS) statement, or an “other statement”. For a
taxpayer that relies on Notice 2023-64, and does not have a
statement described above, an AFS is an “unaudited external
statement,” or a federal income tax return or information
return filed with the IRS. These statements are described in
more detail below in descending order.
• A GAAP statement is a financial statement that is certified
as being prepared in accordance with U.S. generally
accepted accounting principles and is:
1. A Form 10-K (or successor form), or annual statement
to shareholders, filed with the U.S. Securities and Exchange
Commission (SEC);
2. An audited financial statement that is used for credit
purposes; reporting to shareholders, partners, or other
proprietors, or to beneficiaries; or any other substantial
nontax purpose; or
3. A financial statement, other than a tax return, filed with
the federal government or any federal agency, other than the
SEC or the IRS.

• An IFRS statement is a financial statement that is certified
as being prepared in accordance with international financial
reporting standards and is:
1. Filed with an agency of a foreign government that is
equivalent to the SEC, and has financial reporting standards
not less stringent than the standards required by the SEC;
2. An audited financial statement that is used for credit
purposes; reporting to shareholders, partners, or other

proprietors, or to beneficiaries; or any other substantial
nontax purpose; or
3. A financial statement, other than a tax return, filed with
the federal government, any federal agency, a foreign
government, or agency of a foreign government, other than
the SEC, the IRS, or an agency that is equivalent to the SEC
or the IRS.

separate domestic corporation that is wholly owned by the
foreign corporation.

• An “other statement” is a financial statement, other than a
tax return, filed with the federal government or any federal
agency, a state government or state agency, a foreign
government or foreign agency, or a self-regulatory
organization including, for example, a financial statement
filed with a state agency that regulates insurance companies
or the Financial Industry Regulatory Authority, or a
comparable foreign self-regulatory organization.

FPMG $1 billion AFSI test. If a corporation is an FPMG
member for any taxable year, the general AFSI test applies,
but for purposes of determining whether the corporation
meets the general AFSI test, the AFSI of the corporation
includes the AFSI of all members of the FPMG and the AFSI
of members of the controlled group. See Notice 2023-64,
section 13.03. For purposes of calculating the AFSI of a
corporation that is an FPMG member (including the AFSI of
other members of the FPMG and the controlled group for
aggregation purposes) under the general AFSI test, the AFSI
adjustments for financial statement net operating losses
under section 56(d), partnership distributive share, certain
items of foreign income, effectively connected income, and
covered benefit plans do not apply.

If a corporation is an FPMG member for any tax year, it
meets the FPMG AFSI test if the FPMG $1 billion AFSI test
and the FPMG $100 million AFSI test described below are
satisfied.

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If none of the above financial statements exist, the AFS
can be an unaudited external statement. An unaudited
external statement is a financial statement, other than a tax
return or a financial statement described above, that is
unaudited (or audited but not certified), prepared for an
external non-tax purpose, and prepared using (i) GAAP; (ii)
IFRS; or (iii) any other accepted accounting standards that
are issued by an accounting standards board charged with
developing accounting standards for one or more
jurisdictions. If an unaudited external statement also does not
exist, the AFS can be a federal income tax return or
information return filed with the IRS. See Notice 2023-64,
section 4, as modified and clarified by Notice 2024-10,
section 4.

Special Rules
AFSI Test
General AFSI Test

For purposes of determining whether a corporation satisfies
the general AFSI test for a tax year prior to the current tax
year, the following apply.
• A corporation meets the general AFSI test for that tax year
when the corporation’s average annual AFSI for the
3-tax-year period ending with the tax year exceeds $1 billion.
• Solely for purposes of determining whether a corporation
is an applicable corporation, all AFSI of members of a
controlled group treated as a single employer with the
corporation under section 52(a) or (b) (“controlled group”) is
included in the corporation’s AFSI. For purposes of
determining the AFSI of the corporation and all members of
the controlled group under the general AFSI test, the AFSI
adjustments for financial statement net operating losses
under section 56(d), partnership distributive share and
covered benefit plans do not apply.

AFSI Test Applicable to Foreign-Parented
Multinational Group (FPMG) (FPMG AFSI Test)
FPMG means, for any tax year, two or more entities if at least
one entity is a domestic corporation, and another is a foreign
corporation, those entities are included in the same AFS for
the tax year, and either the common parent of those entities
is a foreign corporation or, if there is no common parent,
those entities are treated as having a common parent which
is a foreign corporation.
If a foreign corporation is engaged in a trade or business
within the United States, that trade or business is treated as a

FPMG $100 million test. A corporation that is an FPMG
member meets the FPMG $100 million test if the
corporation's average annual AFSI, including the AFSI of the
members of the controlled group, for the 3-tax-year period
ending with that tax year is $100 million or more. For
purposes of calculating the AFSI of a corporation that is an
FPMG member (including the AFSI of other members of the
controlled group for aggregation purposes) under the FPMG
$100 million test, the AFSI adjustments for financial
statement net operating losses under section 56(d),
partnership distributive share, and covered benefit plans do
not apply.

Additional Rules Applicable to the General AFSI
Test and the FPMG AFSI Test

• If a corporation has been in existence for less than 3 tax
years of the 3-tax-year period, the AFSI test is applied by
averaging the tax years of the 3-tax-year period during which
the corporation existed.
• AFSI for any tax year of less than 12 months shall be
annualized by multiplying the AFSI for the short period by 12
and dividing the result by the number of months in the short
period.
Simplified Method for Determining Applicable
Corporation Status
For the first tax year beginning after 2022, a corporation may
choose to apply the safe harbor method (simplified method)
for purposes of determining whether it is an applicable
corporation. See Notice 2023-7, section 5. Under the
simplified method, a corporation determines whether it is an
applicable corporation by applying the AFSI test with the
following modifications.
• The general AFSI test and the FPMG $1 billion AFSI test
are applied by substituting “$500 million” for “$1 billion.”
• The FPMG, $100 million AFSI test is applied by
substituting “$50 million” for “$100 million.”
• AFSI is determined by considering only the following
adjustments.
1. If the financial results of a corporation are reported on
the AFS for a group of entities (AFS Group), rules similar to
3

the rules in section 451(b)(5) that treat the statement of the
group as the statement of the corporation apply.
2. If the corporation is part of a tax consolidated group for
any tax year, AFSI for that group for that tax year must
consider items on the group’s AFS that are properly allocable
to members of that group.
3. Disregard federal income taxes, or income, war profits,
and excess profits taxes (within the meaning of section 901),
with respect to a foreign country or U.S. territory which are
taken into account on the corporation's AFS.
4. In applying the FPMG $100 million test, a foreign
corporation's AFSI is calculated by considering only the
income items that are effectively connected with the conduct
of a U.S. trade or business. See section 882.
In the case of a taxpayer included in an AFS group, AFSI
is calculated after considering the AFS consolidation entries,
except those that eliminate transactions between persons
that are not members of a controlled group. AFS
consolidation entries are the financial accounting journal
entries that are made for AFS purposes to present the
financial results of an AFS Group as if all members of the
AFS Group were a single company, including entries to
eliminate transactions between group members.

foreign tax credit for regular tax for a tax year, the CAMT FTC
is an amount equal to the sum of:
1. The lesser of:
a. The aggregate of the applicable corporation's pro-rata
share (as determined under section 56A(c)(3)) of income,
war profits, and excess profits taxes (within the meaning of
section 901) imposed by any foreign country or U.S. territory
that are taken into account on the AFS of each CFC with
respect to which the applicable corporation is a U.S.
shareholder and are paid or accrued (for federal income tax
purposes) by each CFC, or
b. The applicable corporation's pro-rata share
(determined under rules similar to the rules under section
951(a)(2)) of the adjusted net income or loss of CFCs,
multiplied by 15%; plus
2. For an applicable corporation that is a domestic
corporation, the income, war profits, and excess profits taxes
(within the meaning of section 901) imposed by any foreign
country or U.S. territory to the extent that such taxes are
taken into account on the applicable corporation’s AFS and
are paid or accrued (for federal income tax purposes) by the
applicable corporation.

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• If a corporation has an AFS covering a period (AFS year)

Credit for Prior Year Minimum Tax

different from its tax year, the general AFSI test and the
FPMG AFSI test are applied using the 3-AFS-year period
ending during such tax year rather than the 3-tax-year period
ending with such tax year.
The rules for new corporations and short years are applied
using AFS years rather than tax years.

A corporation may take a credit against the regular tax for
alternative minimum tax (including CAMT) incurred in prior
years. See Form 8827, Credit for Prior Year Minimum
Tax—Corporations, for details.

Calculating CAMT

Item A

For the tax year of an applicable corporation, a CAMT liability
arises to the extent the tentative minimum tax for the year
exceeds the sum of the regular income tax imposed for the
tax year plus the base erosion minimum tax (imposed under
section 59A). The tentative minimum tax is the excess of 15%
of AFSI over the alternative minimum tax foreign tax credit
(CAMT FTC). For any corporation that is not an applicable
corporation, the tentative minimum tax for the tax year is zero.

Reduction for financial statement net operating loss
(FSNOL). In calculating CAMT, AFSI is reduced by the
lesser of:
1. The aggregate amount of FSNOL carryovers to the tax
year, or
2. 80% of AFSI computed without regard to the FSNOL
reduction allowed.
An FSNOL for any tax year is the amount of the net loss (if
any) on the corporation's AFS determined with regard to
AFSI general adjustments under section 56A(c), but without
regard to an FSNOL reduction under section 56A(d), for tax
years ending after 2019. An FSNOL for any tax year is an
FSNOL carryover to the tax year following the tax year of the
loss. The portion of such loss that is carried to subsequent
years is determined by subtracting from the loss, for each
preceding tax year, the lesser of the amount of the loss or
80% of AFSI for the tax year (determined without regard to
the FSNOL adjustment), regardless of whether the
corporation was an applicable corporation in any tax year.
Alternative minimum tax foreign tax credit (CAMT FTC).
If an applicable corporation elects to take a section 901

4

Specific Instructions

All AFSI of members of a controlled group (defined earlier)
are included in the AFSI of the corporation for AFSI test
purposes. If the corporation is a member of a controlled
group, check the "Yes" box in Item A. Also, complete Part V.
See the instructions for Part V.

Item B

If the corporation is a member of an FPMG (defined earlier),
check the "Yes" box. Also, complete Part V. See the
instructions for Part V.

Part I—Applicable Corporation
Determination

Complete Part I to determine if the corporation is an
applicable corporation for purposes of the CAMT. An
applicable corporation is any corporation that satisfies the
AFSI Test (defined earlier) for 1 or more tax years which are
prior to the current tax year and which end after 2021. If the
corporation is an FPMG member for any tax year, then, solely
for purposes of determining whether such corporation meets
the AFSI test for that tax year, certain adjustments are made
to the AFSI test. See section 59(k) and AFSI Test, earlier.
For the first tax year beginning after 2022, a corporation
may choose to apply the safe harbor method (simplified
method) for purposes of determining whether it is an
applicable corporation. See the Instructions for Form 1120,
Schedule K, question 29c, or the applicable question on the
corporation's return.
If a corporation has been in existence for less than 3 tax
years of the 3-tax-year period, the AFSI test is applied to that
corporation by averaging the tax years of the 3-tax-year

period during which that corporation existed. For example, a
corporation with a calendar tax year is formed on January 1,
2021. Only the calendar tax years ended December 31,
2021, and December 31, 2022, are included in the AFSI test
in determining whether the corporation is an applicable
corporation for the tax year ended December 31, 2023.
For a corporation with AFSI for any tax year of less than 12
months included in the 3-tax-year period, the AFSI of that
corporation is annualized by multiplying the AFSI for the short
period by 12 and dividing the result by the number of months
in the short period. For example, a corporation with a
calendar tax year is formed on July 1, 2020. The AFSI for the
tax year ended December 31, 2020, is multiplied by 12 and
then divided by 6 when computing the 3-year annual average
AFSI on the applicable line. The resulting 3-year annual
average AFSI with the AFSI for tax years ended December
31, 2021, and December 31, 2022, is used to determine
whether the corporation is an applicable corporation for the
tax year ended December 31, 2023.

Line 2a. Appropriate adjustments to AFSI are made when
the AFS reporting year covers a period other than the
corporation’s tax year.
Line 2b. In the case of any corporation which is not included
on a consolidated return with the taxpayer corporation, enter
the adjustment required by section 56A(c)(2)(C) with respect
to each corporation in the aggregation group.
See Notice 2024-10 for purposes of determining the
amount included in AFSI under section 56A(c)(2)(C) of a U.S.
shareholder of a CFC resulting from certain dividends
received by the U.S. shareholder with respect to stock of the
CFC.

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If it has been determined in either the current or prior tax
years that the corporation is an applicable corporation, skip
Part I and continue to Part II.

In columns (a), (b), and (c), enter the required information
for the 3-tax-year period ending prior to the current tax year.
For example, when a corporation with a calendar tax year
determines whether it is an applicable corporation for the tax
year ending December 31, 2023, the 3-tax-year period
includes the tax years ended December 31, 2020, December
31, 2021, and December 31, 2022.

Line 1a. Enter the net income or loss from the corporation’s
AFS. If the corporation’s AFS is a consolidated AFS, enter
the consolidated net income or loss which includes net
income or loss attributable to noncontrolling interests. If the
corporation has been in existence for less than 3 tax years of
the 3-tax-year period, enter information for the period during
which the corporation existed.

Line 1b. Enter the net income or loss of the other entities the
AFSI of which is required to be aggregated with the AFSI of
the corporation for purposes of determining if the corporation
is an applicable corporation but that are not included in the
corporation's AFS. Include net income or loss of members of
the controlled group and corporate owned disregarded
entities that were not included in the corporation's AFS. For
example, if the corporation is an FPMG member, also include
the net income of FPMG members that were not included
already. If the other entity has been in existence for less than
3 tax years, enter information for the period during which the
corporation existed.
Line 1c. For a corporation that is not a member of an FPMG,
enter net income or loss from entities included in the AFS but
that are not in the controlled group. Add net loss and subtract
net income.
Line 1d. Enter any consolidation entry adjustments made
under Notice 2023-64, section 5.02(3)(c) attributable to
entities the net income of which is included on line 1a (but
only to the extent such adjustments were not reflected in
line 1c). See Interim Guidance, earlier.

Line 2c. Pro-rata share of adjusted net income or loss of
CFCs.
Corporation that is not a member of an FPMG. For a
corporation that is not a member of an FPMG, if the
corporation is a U.S. shareholder of one or more CFCs, enter
the corporation's pro-rata share (determined under rules
similar to the rules under section 951(a)(2)) of adjusted net
income or loss of CFCs. See Notice 2024-10 for purposes of
determining the adjusted net income or loss of a CFC for
purposes of section 56A(c)(3) resulting from certain
dividends received by the CFC with respect to stock of
another CFC. If the pro-rata share of the adjusted net income
or loss of CFCs is negative, enter zero.
Attach Worksheet for Pro-Rata Share of Adjusted Net
Income or Loss of CFCs Described in Section 56A(c)(3) for
Each Preceding Year—Worksheet A. Add additional rows as
necessary for each CFC for columns (a), (b), and (c) for the
first, second, and third preceding years to the extent the
adjusted net income or loss of a CFC has not already been
captured on the Form 5471. Attach a separate worksheet for
each column (a), (b), and (c).
Corporation that is a member of an FPMG. If the
corporation is a member of an FPMG, enter zero.

Line 2d. Amounts that are not effectively connected to a
U.S. trade or business.
Corporation that is not a member of an FPMG. Enter
AFSI amounts from all foreign corporations that are not
effectively connected with the conduct of a U.S. trade or
business.
Corporation that is a member of an FPMG. If the
corporation is a member of an FPMG, enter zero.
Line 2e. Certain taxes. Enter the amount of federal income
taxes, and income, war profits, and excess profits taxes
(within the meaning of section 901), with respect to any
foreign country or U.S. territory which are taken into account
on the corporation’s AFS.
Line 2f. For section 1381 cooperatives, enter an adjustment
to reduce AFSI by the amounts referred to in section 1382(b)
relating to patronage dividends and per-unit retain allocations
to the extent such amounts were not otherwise taken into
account in determining AFSI.

Line 1e. Reserved for future use.

Line 2g. Alaska native corporations. Enter an adjustment
to allow cost recovery and depletion attributable to property
with a basis determined by the Alaska Native Claims
Settlement Act (the Act) and deductions for amounts payable
under section 7(i) or 7(j) of the Act which are allowed for
federal income tax purposes.

Lines 2a through 2z. Compute the adjustments for each of
the entities in the aggregation group and report the total
amount for all entities on the form.

Line 2h. Certain credits. Enter an adjustment to disregard
any amounts treated as federal income tax credits under
section 48D(d) or section 6417 or certain amounts received
5

from the transfer of an eligible credit, as defined in section
6418(f)(1)(A), to the extent that these amounts were not
otherwise taken into account on line 2e. See Notice 2023-7,
section 6.
Line 2i. Mortgage servicing income. Enter any
adjustments to defer items of income in connection with
mortgage servicing contracts so that they are not included in
AFSI prior to being included in income for federal income tax
purposes.

adjustments described in Notice 2023-64, section 11 or
13.04(2).
Line 3. Reserved for future use.
Line 7. 3-year average annual AFSI. Calculate the 3-year
average annual AFSI by dividing the amount on line 6 by the
number of tax years included on line 6. The average is
calculated using the period during which the corporation
existed. However, if the amount on line 6 includes AFSI for
any tax year of less than 12 months, annualize the amount for
each short period by multiplying the short-period AFSI shown
on line 5 by 12 and dividing the result by the number of
months in the short period. Then add the other amounts on
line 5 to the annualized amount and divide that total by the
number of tax years of the 3-tax-year period during which the
corporation existed.

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Line 2j. Tax-exempt entities. Enter adjustments to AFSI so
that only items from the corporation’s unrelated trade or
business activities and its section 514 debt financed
unrelated business taxable income are included in AFSI.

Line 2k. Depreciation. Enter an adjustment which is the
difference between the section 167 depreciation deductions
on section 168 property and the depreciation expense
included in the corporation’s AFS for such property. The
adjustment is negative if the section 167 depreciation
deductions on section 168 property exceeds the depreciation
expense included in the corporation's AFS for such property.
The adjustment is positive if the depreciation expense
included in the corporation's AFS for section 168 property
exceeds the section 167 depreciation deductions on such
property. Also enter any additional adjustments made under
Notice 2023-7, section 4 (as modified by Notice 2023-64,
section 9) and Notice 2023-64, section 9, including those to
account for the disposition of property. See Interim Guidance,
earlier.

Line 2l. Qualified wireless spectrum. Enter an adjustment
which is the difference between the qualified wireless
spectrum section 197 amortization allowed in calculating
taxable income and the related amortization expense
included in the corporation's AFS. The adjustment is negative
if the section 197 amortization deductions on qualified
wireless spectrum exceeds the related amortization expense
included in the corporation's AFS for such property. The
adjustment is positive if the amortization expense included in
the corporation's AFS for qualified wireless spectrum
property exceeds the section 197 amortization deductions on
such property. Also enter any additional adjustments made
under Notice 2023-64, section 10, including those to account
for the disposition of property. See Interim Guidance, earlier.

Line 2m. Covered transactions. If the corporation is
relying on the guidance in Notice 2023-7, section 3,
regarding covered transactions, enter any AFSI adjustments
that result from the application of such guidance.
Line 2n. Adjustments related to bankruptcy and insolvency. If the corporation is relying on the guidance in Notice
2023-7, section 3, regarding bankrupt or insolvent
corporations, enter any AFSI adjustments that result from the
application of such guidance.
Line 2o. Certain insurance company adjustments. If the
corporation is relying on the guidance in Notice 2023-20,
regarding certain insurance company adjustments and other
industry specific adjustments, enter any AFSI adjustments
that result from the application of such guidance.
Lines 2p through 2s. Reserved for future use.
Line 2z. Other. Enter any other AFSI adjustments provided
in guidance issued in the Internal Revenue Bulletin (to the
extent applicable), including adjustments to prevent
omissions or duplications of any items. For example,

6

Line 8. If line 7 exceeds $1 billion, check the “Yes” box on
line 8, and continue to line 9. If line 7 is $1 billion or less,
check “No.” Stop here. Attach the completed Form 4626 to
the corporation's income tax return for the current tax year.
Line 9. If the corporation is a member of an FPMG, check
“Yes,” and continue to line 10. If the corporation is not an
FPMG member, check “No,” and continue to Part II.
Line 10a. Enter the amount of AFSI from line 5.

Line 10b. Enter the AFSI amount of FPMG members that
are not members of the corporation's controlled group.

Line 10c. Subtract line 10b from line 10a. Enter that amount
on line 10c.
Line 11a. Enter the AFSI amount of members of the
controlled group that is not effectively connected with the
conduct of a U.S. trade or business. Enter AFSI income as a
negative number and AFSI losses as a positive number.

Line 11b. Enter the U.S. shareholder corporation's pro-rata
share (determined under rules similar to the rules under
section 951(a)(2)) of adjusted net income or loss of a CFC. If
the pro-rata share of adjusted net income or loss of the CFCs
is negative, enter zero.
Attach Worksheet for Pro-Rata Share of Adjusted Net
Income or Loss of CFCs Described in Section 56A(c)(3) for
Each Preceding Year—Worksheet A. Add additional rows as
necessary for each CFC for columns (a), (b), and (c) for the
first, second, and third preceding years to the extent the
adjusted net income or loss of a CFC has not already been
captured according to the instructions for Form 5471. Attach
a separate worksheet for each column (a), (b), and (c).
Lines 11c and 11d. Reserved for future use.
Line 13. Subtract line 12 from line 10c and enter that
number in line 13.
Line 15. 3-year average annual AFSI for purposes of the
$100 million test. Calculate the 3-year average annual
AFSI by dividing the amount on line 14 by the number of tax
years of the 3-tax-year period during which the corporation
existed. However, if the amount on line 14 includes AFSI for
any tax year of less than 12 months, annualize the amount for
each short period by multiplying the short-period AFSI shown
on line 13 by 12 and dividing the result by the number of
months in the short period. Then add the other amounts on
line 13 to the annualized amount and divide that total by the
number of tax years of the 3-tax-year period during which the
corporation existed.

Line 16. If Part I, line 15 is $100 million or more, check “Yes,”
and continue to Part II. If line 15 is less than $100 million,
check “No.” Attach the completed Form 4626 to the
corporation’s income tax return for the current tax year.

pro-rata share of adjusted net income or loss of CFCs is
negative, enter zero.
Note. Line 2e should equal Part IV, Section I, line 3e.

Part II—Corporate Alternative
Minimum Tax (CAMT)

Line 2f. Enter AFSI amounts, from all foreign corporations,
that are not effectively connected with the conduct of a U.S.
trade or business.

CAMT applies if the tentative minimum tax for the tax year
exceeds the sum of the regular income tax plus the base
erosion minimum tax. The tentative minimum tax for the tax
year is the excess of 15% of AFSI for the tax year, over the
CAMT FTC for the tax year.

Line 2h. For section 1381 cooperatives, enter an adjustment
to reduce AFSI by the amounts referred to in section 1382(b)
(relating to patronage dividends and per-unit retain
allocations) to the extent such amounts were not otherwise
taken into account in determining AFSI.

Line 1a. Net income or loss per AFS or consolidated net
income or loss per AFS (as appropriate). If the corporation’s
AFS is a consolidated AFS, enter consolidated net income or
loss set forth on the consolidated AFS for the current tax
year, which includes net income or loss attributable to
noncontrolling interests. Otherwise, enter the net income or
loss set forth on the corporation’s AFS for the current tax
year.

Line 2i. Alaska native corporations. Enter an adjustment
to allow cost recovery and depletion attributable to property
with a basis determined by the Alaska Native Claims
Settlement Act (the Act) and deductions for amounts payable
under section 7(i) or 7(j) of the Act which are allowed for
federal income tax purposes.

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Line 1b. AFS net income or loss of other includible entities.
Enter the net income or loss of other includible entities not
included in the corporation’s AFS. For example, include net
income or loss reported on the corporation's AFS as
discontinued operations for any entity that is a member of the
affiliated group of corporations filing a consolidated tax
return. Add net income and subtract net loss.

Line 1c. Enter the net income or loss of excludible entities
(including corporations that are not part of the affiliated group
of corporations filing a consolidated tax return with the
applicable corporation) included in the corporation's AFS.
Add net loss and subtract net income.
Line 1d. Enter any consolidation entry adjustments made
under Notice 2023-64, section 5.02(3)(c), attributable to
entities the net income of which is included on line 1a (but
only to the extent such adjustments were not reflected in
line 1c). See Interim Guidance, earlier.
Line 1e. Reserved for future use.
Line 2a. Financial statements covering different tax
years. Appropriate adjustments to AFSI are made when the
AFS reporting year covers a period other than the
corporation's tax year.
Line 2b. Reserved for future use.

Line 2c. Corporations not included on the taxpayer’s
consolidated return. In the case of any corporation which
is not included on a consolidated return with the taxpayer
corporation, enter the adjustment required by section 56A(c)
(2)(C) with respect to such corporation.
See Notice 2024-10 for purposes of determining the
amount included in AFSI under section 56A(c)(2)(C) of a U.S.
shareholder of a CFC resulting from certain distributions
received with respect to stock of the CFC.
Line 2d. Enter the adjustment(s) needed to include the
corporation’s distributive share of all partnership investment
AFSI.
Line 2e. If the corporation is a U.S. shareholder of one or
more CFCs, enter the corporation's pro-rata share
(determined under rules similar to the rules under section
951(a)(2)) of the adjusted net income or loss of CFCs. If the

Line 2j. Certain credits. Enter an adjustment to disregard
any amounts treated as federal income tax credits under
section 48D(d) or section 6417 or certain amounts received
from the transfer of an eligible credit, as defined in section
6418(f)(1)(A), to the extent that these amounts were not
otherwise taken into account on line 2g. See Notice 2023-7,
section 6.

Line 2k. Enter any adjustments to defer items of income in
connection with mortgage servicing contracts so that they are
not included in AFSI prior to being included in income for
federal income tax purposes.

Line 2l. Enter adjustments needed to adjust AFSI to
disregard any income, cost, or expense that would otherwise
be included on the AFS in connection with any covered
benefit plan. Enter adjustments required to increase AFSI by
any covered benefit plan income and to reduce AFSI by any
covered benefit plan deductions, as allowed under the
applicable provision of the Internal Revenue Code. See
section 56A(c)(11)(A)(i) — (iii).

Line 2m. Tax-exempt entities. Enter adjustments to AFSI
so that only items from the corporation’s unrelated trade or
business activities and its section 514 debt financed
unrelated business taxable income are included in AFSI.
Line 2n. Depreciation. Enter an adjustment which is the
difference between the section 167 depreciation deductions
on section 168 property and the depreciation expense
included in the corporation’s AFS for such property. The
adjustment is negative if the section 167 depreciation
deductions on section 168 property exceeds the depreciation
expense included in the corporation's AFS for such property.
The adjustment is positive if the depreciation expense
included in the corporation's AFS for section 168 property
exceeds the section 167 depreciation deductions on such
property. Also enter any additional adjustments made under
Notice 2023-7, section 4 (as modified by Notice 2023-64,
section 9), and Notice 2023-64, section 9, including those to
account for the disposition of property. See Interim Guidance,
earlier.
Line 2o. Qualified wireless spectrum. Enter an
adjustment which is the difference between the qualified
wireless spectrum section 197 amortization allowed in
calculating taxable income and the related amortization
expense included in the corporation’s AFS. The adjustment is
negative if the section 197 amortization deductions on
7

qualified wireless spectrum exceeds the related amortization
expense included in the corporation's AFS for such property.
The adjustment is positive if the amortization expense
included in the corporation's AFS for qualified wireless
spectrum property exceeds the section 197 amortization
deductions on such property. Also enter any additional
adjustments made under Notice 2023-64, section 10,
including those to account for the disposition of property. See
Interim Guidance, earlier.

Exclude any CFC income, war profits, and excess profits
taxes (within the meaning of section 901) with respect to a
foreign country or U.S. territory which are taken into account
on the CFC's AFS in the current income tax provision.
Line 2. Enter federal income taxes which are taken into
account on the corporation's AFS in the current income tax
provision.

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Line 2p. Covered transactions. If the corporation is relying
on the guidance in Notice 2023-7, section 3, regarding
covered transactions, enter any AFSI adjustments that result
from the application of such guidance.
Line 2q. Adjustments related to bankruptcy and insolvency. If the corporation is relying on the guidance in Notice
2023-7, section 3, regarding bankrupt or insolvent
corporations, enter any AFSI adjustments that result from the
application of such guidance.
Line 2r. Certain insurance company adjustments. If the
corporation is relying on the guidance in Notice 2023-20
regarding certain insurance company adjustments and other
industry specific adjustments, enter any AFSI adjustments
that result from the application of such guidance.
Lines 2s through 2u. Reserved for future use.

Line 2z. Other. Enter any other AFSI adjustments, provided
in guidance issued in the Internal Revenue Bulletin (to the
extent applicable) including adjustments to prevent
omissions or duplications of any AFSI items. For example,
include adjustments described in Notice 2023-64, section 11.

Line 5. The amount of the FSNOL adjustment for the tax
year is limited to the lesser of:
1. The aggregate amount of FSNOL carryovers to the tax
year, or
2. 80% of AFSI computed without regard to the FSNOL
deduction allowed.
Maintain adequate records documenting both the amount
of FSNOL generated in the tax year and used in subsequent
tax years.
Line 10. Enter the corporation’s regular tax liability (as
defined in section 26(b)) minus any foreign tax credit, if any
(Form 1120, Schedule J, line 1 minus any foreign tax credit
entered on Schedule J, line 5a or the applicable lines on the
corporation’s tax return).
Line 11. Base erosion minimum tax. Enter the base
erosion minimum tax amount, if any, from Form 1120,
Schedule J, line 2, or the applicable line of the corporation's
tax return. See section 59A and Form 8991.

Line 3. Enter any income, war profits, and excess profits
taxes (within the meaning of section 901) with respect to any
foreign country or U.S. territory which are taken into account
on the corporation's AFS in the deferred income tax
provision. Exclude any CFC income, war profits, and excess
profits taxes (within the meaning of section 901) with respect
to a foreign country or U.S. territory which are taken into
account on the CFC's AFS in the deferred income tax
provision.
Line 4. Federal deferred tax provision. Enter federal
income taxes which are taken into account on the
corporation's AFS in the deferred income tax provision.

Line 5. Enter the federal income taxes and income, war
profits, and excess profits taxes (within the meaning of
section 901) with respect to a foreign country or U.S. territory
taken into account on the corporation's AFS as part of equity
method investment income. Exclude any CFC income, war
profits, and excess profits taxes (within the meaning of
section 901) with respect to a foreign country or U.S. territory
which are taken into account on the CFC's AFS as part of
equity method investment income.
Lines 6a through 6h. Reserved for future use.

Line 6z. Income taxes in other places. Enter other federal
income taxes and income, war profits, and excess profits
taxes (within the meaning of section 901) with respect to a
foreign country or U.S. territory taken into account on the AFS
in determining net income in other places. Exclude any CFC
income, war profits, and excess profits taxes (within the
meaning of section 901) with respect to a foreign country or
U.S. territory which are taken into account on the CFC's AFS
in determining net income in other places.

Part IV—Alternative Minimum
Tax—Corporations Foreign Tax Credit
Complete Part IV if an applicable corporation elects to take
the section 901 foreign tax credit for regular tax. See section
59(l).

Part III—Adjustment for Certain Taxes
Under Section 56A(c)(5)

A foreign income tax is eligible to be claimed as a CAMT
FTC (eligible tax) in the taxable year in which it is paid or
accrued for federal income tax purposes by either an
applicable corporation or a CFC with respect to which the
applicable corporation is a U.S. shareholder, provided the
foreign income tax has been taken into account on the AFS
of such applicable corporation or CFC. See Notice 2023-64,
section 14.02(1). In the case of a foreign tax redetermination,
an eligible tax may be claimed as a CAMT FTC only in the
relation-back year, even if the tax is reflected in a journal
entry on an AFS within a taxable year that is later than the
relation-back year. See Notice 2023-64, section 14.02(3).

Line 1. Enter any income, war profits, and excess profits
taxes (within the meaning of section 901) with respect to any
foreign country or U.S. territory which are taken into account
on the corporation's AFS in the current income tax provision.

A foreign income tax is considered taken into account on
an AFS of a taxpayer if any journal entry has been recorded
in the journal used to determine the amounts on the AFS of
the taxpayer for any year, or another AFS that includes the
taxpayer, to reflect the income tax, even if the income tax
does not increase or decrease the taxpayer's FSI at the time

Federal income taxes, and income, war profits, and excess
profits taxes (within the meaning of section 901) with respect
to any foreign country or U.S. territory which are taken into
account on the corporation's AFS are disregarded for AFSI
purposes. Complete Part III to adjust for taxes described in
section 56A(c)(5).

8

of the journal entry. An income tax that is taken into account
on a partnership's AFS is also considered taken into account
on any AFS of its partners. See Notice 2023-64, section
8.02(2).
Note. Report all items in Part IV in U.S. dollars.

Section I—AMT Foreign Tax Credit

Columns (e) through (k). Adjustments to column (d). Enter
the description at the top of each adjustment column. Enter
the adjustment amount on each line for each CFC that may
have such adjustment with respect to the amount included in
column (d).
Column (m). Enter the taxpayer's pro-rata share
(determined under rules similar to the rules under section
951(a)(2)) of the CFC’s net income or loss included in column
(c).

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Use Section I to compute the total domestic corporation AMT
foreign income taxes.

Line 1a. Enter total foreign taxes paid or accrued as
reported on Form 1118, Schedule B, Part I, column 2(j).

Lines 1b through 1g. Enter the description and amounts for
adjustments to the line 1a amount listed above. On line 1b,
enter any other foreign income taxes not included on line 1a.
Enter any other adjustments to line 1a on lines 1c through 1g.

Line 3a. Pro-rata share of CFC AMT foreign income taxes. Enter the amount from Part IV, Section II, line 11, column
(n).

Column (n). Pro-rata share of CFC AMT foreign taxes.
Multiply column (l) by column (m). Enter this amount on Part
IV, Section I, line 3a.

Section III—AMT Foreign Tax Credit Carryover
for CFCs

Line 1. Foreign tax carryover from the prior tax year. If
applicable, enter amounts from the appropriate columns of
line 8 of the prior year Form 4626, Part IV, Section III.

Line 3b. Enter the section 59(l)(2) carryover of excess
foreign taxes from Part IV, Section III, line 4, column (vii).

Note. For tax years beginning before 2023, the relevant
preceding tax year columns should be left blank.

Line 3d. The percentage specified in section 55(b)(2)(A)(i)
is 15%.

Lines 2a through 2g. Adjustments to line 1. Enter the
description and amounts of adjustments to the line 1 amount
listed above.

Line 3e. Enter the pro-rata share of items taken into account
in computing the adjusted net income or loss of a CFC
(attach Worksheet B). See Note below. In determining the
adjusted net income or loss of a CFC, disregard CFC federal
income taxes, and income, war profits, and excess profits
taxes (within the meaning of section 901) with respect to a
foreign country or U.S. territory taken into account in income
on the CFC’s AFS.
See Notice 2024-10 for purposes of determining the
adjusted net income or loss of a CFC for purposes of section
56A(c)(3) resulting from certain distributions received with
respect to stock of another CFC.
If the pro-rata share of aggregate adjusted net income or
loss of the CFCs is negative, enter zero.
Note. The amount on line 3e should be the same as the
pro-rata share of adjusted net income or loss of a CFC from
Part II, line 2e.
Attach Worksheet for Pro-Rata Share of Adjusted Net
Income or Loss of CFCs Described in Section 56A(c)
(3)—Worksheet B. Add additional rows as necessary for
each CFC.
Lines 4 and 5. Reserved for future use.

Section II—Allowable CFC AMT Foreign Income
Taxes
Column (b). Enter the CFC’s employer identification number
(EIN) or other reference identification number.
Column (c). Enter the adjusted net income or loss of CFCs.
Column (d). Enter the income, war profits, and excess
profits taxes (within the meaning of section 901) imposed by
a foreign country or U.S. territory which are taken into
account on the CFC's AFS with respect to which the
applicable corporation is a U.S. shareholder and paid or
accrued (for federal income tax purposes) by the CFC. See
section 59(l)(1).

Line 5. Line 5 is completed only if the applicable corporation
has excess CFC AMT foreign tax credit limitation. Excess
CFC AMT foreign tax credit limitation exists when the
applicable corporation’s CFC AMT foreign tax credit limitation
(Part IV, Section I, line 3f) exceeds its allowable controlled
CFC AMT foreign income taxes (Part IV, Section I, line 3a).
Enter in each column the foreign tax carryover utilized in
the current tax year. Starting with column (i), the amount to
be entered on line 5 of a given column will be the amount on
line 4 of that column, but only to the extent that it does not
exceed:
• The amount of excess CFC AMT foreign tax credit
limitation (defined above), less
• The sum of all amounts entered in all previous columns of
line 5.
The line 5, column (vii) total cannot exceed the amount of
the excess CFC AMT foreign tax credit limitation.
Line 6. Complete line 6 only with respect to the fifth
preceding tax year (and the “Total” column). For the fifth
preceding tax year (column (i)), combine lines 4 and 5 and
enter the result on line 6, column (i).
Line 7. Enter the section 59(l)(2) foreign tax carryover
generated in the current tax year. The line 7, column (vi)
foreign tax carryover generated in the current tax year is the
difference between the allowable controlled CFC AMT
foreign income taxes (Part IV, Section I, line 3a) and the CFC
AMT foreign tax credit limitation (Part IV, Section I, line 3f).

Part V—Members of a Controlled Group Treated
as a Single Employer and FPMG Members Taken
Into Account in “Applicable Corporation”
Determination
If the corporation answers “Yes” to either Line A or Line B at
the top of page 1, then the corporation must complete Part V.
Enter the requested information for the entities included in
the taxpayer’s applicable corporation determination.

9

!

CAUTION

Incomplete or nonspecific responses, including
phrases such as “available upon request” are not
sufficient response.

Column (a). Enter the name of the member of a controlled
group and/or FPMG member included in the corporation’s
applicable corporation determination.
Column (b). Enter the EIN of the member of a controlled
group and/or FPMG member included in the corporation’s
applicable corporation determination.

Column (c). Member of a controlled group. Check the box
on the appropriate line if the entity is a member of a
controlled group. See section 59(k)(1)(D) and the AFSI Test
section, earlier.
Column (d). FPMG members. Check the box on the
appropriate line if the entity is a member of an FPMG. See
section 59(k)(2) and the AFSI Test section, earlier.

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10

Column (f). Enter each included member's net income or
loss reported on its AFS for the current tax year.

Worksheet for Pro-Rata Share of Adjusted Net Income or Loss of CFCs Described in Section 56A(c)
(3) for Each Preceding Year—Worksheet A
Note. Attach this worksheet for each preceding year referenced on Form 4626, Part I, line 2c or Part I, line 11b. Attach a
separate worksheet for each column (a), (b), and (c).
a. Name of CFC

b. EIN or
Reference ID
Number of the
CFC

c. Country of
Incorporation
(enter country
code)

d. Current Year
Net Income or
(Loss)
Per CFC’s AFS
(in functional
currency)

e. Section
56A(c)(3)
Adjustments
(in functional
currency)

f. Add
column d and
column e

g. Exchange
Rate Used

h. Enter
i. Pro-Rata
amount from
Share of
column f
Adjusted Net
(in U.S. dollars) Income or Loss
of a CFC,
Described in
Section
56A(c)(3)
(in U.S. dollars)

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1.
2.
3.
4.
5.
6.
7.
8.
9.

10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.
25.
26.
27.
28.
29.
30.
31.
32.
33.

Totals

11

Worksheet for Pro-Rata Share of Adjusted Net Income or Loss of CFCs Described in Section 56A(c)
(3)—Worksheet B
Note. Attach this worksheet for pro-rata share of adjusted net income or loss of a CFC, described in section 56A(c)(3) on Form
4626, Part IV, Section I, line 3e.
a. Name of CFC

b. EIN or Reference ID Number of
the CFC

c. Country of Incorporation
(enter country code)

d. Pro-Rata Share of CFC Net
Income Described in
Section 56A(c)(3)
(in U.S. dollars)

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1.
2.
3.
4.
5.
6.
7.
8.
9.

10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.
25.
26.
27.
28.
29.
30.
31.
32.
33.
34.
35.
36.
37.
38.

Totals

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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.

The time needed to complete and file this form will vary
depending on individual circumstances. The estimated
burden for business taxpayers filing this form is approved
under OMB control number 1545-0123 and is included in the
estimates shown in the instructions for their business income
tax return.
If you have comments concerning the accuracy of these
time estimates 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.

TREASURY/IRS
AND OMB USE
ONLY DRAFT
December 20, 2023

13