Reporting Currency Approach

Line by Line

Regular Tax Calculations

•Federal Tax Current: Tax Provision Report - Federal Tax - Current.
•Federal FTC: Tax Provision Report - Cash Tax Adjustments.
•Reclass to FTC C/O: Tax Provision Report - After Tax Temporary Differences identified with Dataset Parameter with FATTD_Prefix.
•Adjusted Cash Provision: Sum of Federal Tax Current, Federal FTC, and Reclass to FTC C/O.

 

Alternative Tax Calculation

•Federal Taxable Income (Pre-NOL): Tax Provision Report - Federal Taxable Income (Pre-NOL).
•AMT Preference Items: Unit Details AMT Automation - AMT Adjustments.
•AMTI (pre NOL): Sum of Federal Taxable Income (Pre-NOL) and AMT Preferences Items.
•AMT NOL (max 90% of AMTI): Unit Details AMT Automation - AMT NOL C/O Balance.
•Alternative Minimum Taxable Income (AMTI): Sum of AMTI (pre NOL) and AMT NOL (max 90% AMTI).
•AMT Rate: Unit Details AMT Automation - AMT Rate.
•AMT Tax (Pre-Credits): AMTI times AMT Rate.
•AMT FTC: Unit Details AMT Automation - AMT After Tax Adjustments.
•Tentative Minimum Tax: Sum of AMT (Pre-Credits) and AMT FTC.
•AMT Liability (Recapture)
oIf the Tentative Minimum Tax line is greater than the Adjusted Cash Provision line, the difference is posted to an After Tax Temporary Difference with the code AMT_SYS. This increases the current tax expense and decreases the deferred tax expense.
oIf the Tentative Minimum Tax line is less than the Adjusted Cash Provision line and there is a beginning balance for the After Tax Temporary Difference with the code AMT_SYS for the parent unit, the difference is posted to an After Tax Temporary Difference with the code AMT_SYS. This decreases the current tax expense and increases the deferred tax expense.
oWhen the units in the filing group have different local currencies, the postings are converted to the parent's local currency. The result displays on the report.

 

Column by Column

•A single column displays the calculation for the filing group.