Figuring Tax

Tax Rate Schedule

Qualified personal service corporation.

1. Substantially all the corporation's activities involve the performance of personal services (as defined earlier under Personal services), and,
2. At least 95% of the corporation's stock, by value, is owned, directly or indirectly, by any of the following.
   1. Employees performing the personal services.
   2. Retired employees who had performed the personal services.
   3. An estate of the employee or retiree described above.
   4. Any person who acquired the stock of the corporation as a result of the death of an employee or retiree (but only for the 2-year period beginning on the date of the employee's or retiree's death).

Credits

• Credit for federal tax on fuels used for certain nontaxable purposes (see Publication 378, Fuel Tax Credits and Refunds).
• Credit for prior year minimum tax (see Form 8827).
• Foreign tax credit (see Form 1118).
• General business credit (see General business credit, next).
• Nonconventional source fuel credit (see section 29 of the Internal Revenue Code).
• Qualified electric vehicle credit (see Form 8834).

General business credit.

• Alcohol used as fuel credit (Form 6478).
• Contributions to selected community development corporations credit (Form 8847).
• Disabled access credit (Form 8826) .
• Employer social security and Medicare taxes paid on certain employee tips credit (Form 8846).
• Empowerment zone employment credit (Form 8844).
• Enhanced oil recovery credit (Form 8830).
• Indian employment credit (Form 8845).
• Investment credit (Form 3468).
• Low-income housing credit (Form 8586).
• Orphan drug credit (Form 8820).
• Renewable electricity production credit (Form 8835).
• Research credit (Form 6765).
• Welfare-to-work credit (Form 8861).
• Work opportunity credit (Form 5884).

• You have more than one of the credits listed earlier (other than the empowerment zone employment credit).
• You have a carryback or carryforward of any of these credits (other than the empowerment zone employment credit).
• Any of these credits (other than the low-income housing credit or the empowerment zone employment credit) is from a passive activity. (For information about passive activity credits, see Form 8582–CR.)

Recapture Taxes

• Indian employment credit (see the instructions for Form 8845).
• Investment credit (see the instructions for Form 4255).
• Low-income housing credit (see the instructions for Form 8611).
• Qualified electric vehicle credit (see the instructions for Form 8834).

Alternative Minimum
Tax (AMT)

1. It was treated as a small corporation exempt from the AMT for all prior tax years beginning after 1997, and
2. Its average annual gross receipts for the 3-tax-year period (or portion thereof) ending before its tax year beginning in 2001 did not exceed $7.5 million ($5 million if the corporation had only 1 prior tax year).

Form 4626.